SOCAR gets $200 mln ING Bank credit for Azerbaijani, Turkish projects
BAKU. July 8 (Interfax) - The Netherlands' ING Bank has issued State Oil Company of the Azerbaijani Republic (SOCAR) a credit of $200 million for projects both at home and in Turkey, Turkish media reports, citing the company's vice president for economic matters, Suleiman Gasymov.
"ING Bank and SOCAR have signed a credit agreement in the amount of $200 million for a term of three years," Gasymov said. The funds are to be sued to "modernize our business in Azerbaijan and Turkey, and to achieved set tasks," he said.
As reported, SOCAR and Turkey's Turcas set up in late 2006 the joint venture SOCAR/Turcas for carrying out investment projects in the fields of oil-refining and petrochemicals and for gas-sales to Turkey. The JV owns a 51% stock interest in the Turkish petrochemicals complex Petkim Petrokimya Holding.
