SOCAR to receive $2 billion credit

15 October 2015 14:10 (UTC+04:00)

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By Vusala Abbasova

The International Bank of Azerbaijan will soon issue the first tranche in the amount of 1.86 billion manats to the State Oil Company of Azerbaijan, said Sulayman Gasimov, SOCAR Vice-President for Economic Issues on October 15.

Gasimov also mentioned that SOCAR will spend 1.26 billion manats for the reconstruction of the Heydar Aliyev Baku Oil Refinery, while the other 600 million manats will be spent for drilling wells in Bulla and Guneshli fields.

The vice president also stressed that the loans have been allocated preferentially for 10-year period.

SOCAR announced in January 2015 that the "Azneftyag" refinery would be eliminated and combined with the Baku Oil Refinery named after Heydar Aliyev. This decision was taken as part of works to improve and optimize the structure of SOCAR.

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