Rovnag Abdullayev: We do not use SOCAR’s financial resources in foreign projects

"The State Oil Company of Azerbaijan uses its knowledge, ability and personnel potential in the foreign projects, involves investments from banks," president of SOCAR Rovnag Abdullayev told journalists.

Mentioning the project on construction of petrochemical plant realized by SOCAR in Turkey, Abdullayev said loan will be obtained from the banks consortium to finance this project.

"The mechanism of financing is being prepared. Very big banks of the world are financing this project. We do not use SOCAR’s financial resources in any country. We implement the project. After the loans and interests are paid, this enterprise will be the property of the State Oil Company," he said.

Touching on the reports that SOCAR will open new enterprises in other countries, Abdullayev said they do not want to give information about the projects as it is a commercial secret.

"We have reached agreement with big engineering companies and law offices. We do not join every project. They are studied and analyzed beforehand. After that we make a decision," he said.

Noting that they entered Turkey’s petrochemical complex through the purchase of Petkim petrochemical company, Rovnag Abdullayev said the plant will be opened in 2014.


/APA/