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SOCAR announced amount of its consolidated debt

15 April 2015 14:49 (UTC +04:00)

Baku. Agshin Rafigoglu - APA-Economics. As of early 2015, SOCAR’s consolidated debt makes $7 bln, SOCAR Vice-President for Economic Affairs Suleyman Gasimov told journalists.

According to him, despite it seems large amount, this debt conforms with SOCAR’s financial strategy: “This borrowing is controlled by audit companies At the same time, this borrowing meets certain restrictions before the borrowers from which SOCAR borrowed. $1.5 bln of this debt is a debt to foundations for 10 years”.

About $1 bln is short-term borrowing of SOCAR-Trading. $1 bln is debt on projects implemented by SOCAR in Turkey. They will be repaid through Petkim shares and bonuses. $1 bln are loans taken for acquisition of certain share in ACG fields block and construction of Baku Shipyard