State Oil Co. of Azerbaijan, or Socar, will pay for Exxon Mobil Corp. (XOM)’s Swiss unit with $200 million out of the $500 million raised in Eurobonds last month.
Socar will use the assets of Esso Schweiz to help pay off debt, Vice President for Economic Affairs Suleyman Qasimov said by e-mail today. He gave no further details.
Of the $500 million received from the Eurobond sale, $133 million will be used to buy a 10 percent share in Turkey’s Petkim Petrokimya Holding AS (PETKM), private Azeri news agency Trend said yesterday, citing an unnamed Socar official.
The remaining $166 million will be used to repay some of Socar’s foreign debts, including $133 million to BNP Paribas and $33 million to Yapi Kredi Bank, the official said, according to Trend.
To contact the reporter on this story: Zulfugar Agayev in Baku at firstname.lastname@example.org
To contact the editor responsible for this story: Hellmuth Tromm at email@example.com