APA-Economics reports quoting Turkish media that the European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC), which had announced their participation in the construction, unexpectedly refused to participate in the project.
SOCAR, which is planning to finance 65% of the construction from the banks, has reached an agreement with Denizbank of Turkey. The Azerbaijani company plans to obtain $500m loan from Denizbank.
SOCAR-Turkey CEO Kenan Yavuz said as EBRD and IFC unexpectedly quitted the project, the company was obliged to obtain loan from a new source.
“Our goal is to complete the agreement by March 31. The signing of the contract can be delayed by April,” he said.
Of $5.5bn needed for the construction of Star oil refinery, $2bn will be paid by internal sources, $3.5bn by export banks, international and local banks.
Denizbank of Turkey is a subsidiary of Russia’s Sberbank.
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