Bloomberg the Company

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Socar Holds Talks With European Banks to Borrow $500 Million

Don't Miss Out —
Follow us on:

June 7 (Bloomberg) -- State Oil Co. of Azerbaijan is in talks with European banks including BNP Paribas SA, Deutsche Bank AG and Citigroup Inc. to borrow $500 million this year, said Suleyman Qasimov, vice president for economic affairs.

Socar, as the oil and gas producer is known, is also talking with Royal Bank of Scotland Plc, Natixis, UniCredit SpA, Yapi & Kredi Bankasi AS, and VTB Group, Qasimov told reporters today in the capital, Baku.

The funds will be used for projects both in Azerbaijan and abroad, including the Star refinery under construction in Turkey’s Izmir region, Qasimov said.

Socar has about $1.6 billion of foreign debt, which is “quite manageable,” Qasimov said. The Baku-based company sold $500 million of debut Eurobonds last year.

To contact the reporter on this story: Zulfugar Agayev in Baku at

To contact the editor responsible for this story: Hellmuth Tromm at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.