SOCAR to attract up to AZN 1 bln loan from Central Bank – The loan will be spent to financing of construction of oil-gas processing and petrochemical complex (OGPC)

Baku: SOCAR will attract a loan from the Central Bank of Azerbaijan to finance the construction of new oil-gas processing and petrochemical complex (OGPC), said the SOCAR President Rovnag Abdullayev.

According to him, the negotiations with alliances under the project financing principles are underway: “We try to give 80% financing of the construction through the long-term loans that we attracted from the Central Bank. 20% will be attracted from export banks”.

The loan will be about 1$ bln and attracted for ten years: “I think the project wil be launched within 3-4 years”.

According to him, tender procedures are underway: “I think the tende will be announced this summer and contractor alliances will be selected”.

SOURCE: AZERI PRESS NEWS AGENCY