TODAY.AZ / Business

SOCAR signs agreement on approval of $750m credit under ACG

24 March 2006 [23:49] - TODAY.AZ
Approval of $750m credit for the State Oil Company of Azerbaijan (SOCAR) under the Azeri-Chirag-Gunashli (ACG) allows SOCAR restore its right for big volumes of profit in compliance with the PSA, Rovnag Abdullayev, the President of the SOCAR stated.

As Trend reports, Chadbourne & Parke, a legal company with headquarters in New York represented interests of Azerbaijan (ACG) Limited (AzACG), which belongs to the SOCAR, in payment of $750m.

Azerbaijan will obtain a confident image on credit transactions at the international fiscal market and experience in receiving big credits without state guarantees.

The loan was directed at covering expenses under the ACG project, where SOCAR holds 10% stake. The credit will also be spent on repayment of debts to Exxon Azerbaijan Limited and Turkiye Petrolleri A.O.

Credit for the SOCAR was organized by BNP Paribas. The credit syndicate includes 14 world biggest banks.


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