SOCAR prefers to borrow loan from domestic sources – vice president - UPDATED

SOCAR prefers to borrow loan from domestic sources – vice president - <span style="color: red;">UPDATED
# 28 June 2016 15:21 (UTC +04:00)

According to him, this proves the confidence of international financial institutions in SOCAR: “Today, these banks allocate loans to SOCAR in low interest. We also try the period of these loans to be short. Therefore, we recently borrow loan with the interest rate of 5% and period of 5 years”.

The vice-president added that SOCAR does not tend to borrowing and tries to borrow the loan from domestic sources: “For example, SOCAR borrowed $1.2 billion loan from IBA as a domestic source”.

17.06

Baku. Agshin Rafigoglu - APA-Economics. SOCAR’s total assets reached AZN 39.9 billion, SOCAR Vice-President for Economic Issues Suleyman Gasimov said at the meeting with heads of Non-Government Organizations (NGO).

SOCAR’s annual report and audit opinions will be published on its website by June 30: “SOCAR’s total assets reached AZN 39.9 billion. One of increase is equivalent of AZN to USD. This was caused by oil price decline in oil market. Sometimes, media reports incorrect news about SOCAR’s debts. SOCAR’s main debts are in foreign currency. They change depending on exchange rate of currency. Our consolidated debt makes $6.3 billion or AZN 9.4 billion. SOCAR continues to implement its projects. Major part of these debts are state guaranteed and will be repaid partly. AZN 69 million was attracted last year for construction of oil refinery and petro-chemical plants. Moreover, SOCAR attracted $200 million for development of Umid field. SOCAR will repay its debt partly”.

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