Socar Plans to Sign $3.5 Billion Turkey Refinery Loan in May
This article is for subscribers only.
Azerbaijan’s state oil company, known as Socar, is in the final stages of negotiations for a $3.5 billion loan to help build a refinery in Turkey, said Kenan Yavuz, chief executive for the company’s Turkish unit.
State Oil Company of Azerbaijan expects to sign the agreement in May, Yavuz said in a telephone interview today. Most of the $3.5 billion package, arranged by the Turkish unit of Unicredit SpA, Italy’s biggest lender, will be provided by 15 international lenders with guarantees from export credit agencies, or ECAs, of six countries, he said. The package will finance the construction phase of the project and the total financing bill will exceed $3.5 billion including costs from the post-construction period, he said.