12 Nov 2009 17:05

SOCAR raises $80 mln loan from Deutsche Bank

BAKU. Nov 12 (Interfax) - The State Oil Company of Azerbaijan (SOCAR) has raised an $80 million unsecured loan from Deutsche Bank, the company said in materials posted on its website.

The company said that its president, Rovnag Abdullayev, and Ben Dobson, a representative of the bank, had discussed partnership issues in Baku.

"Despite the world economic crisis, international financial institutions have shown interest in projects in Azerbaijan. The confirmation of this is that, last week, SOCAR received an $80 million unsecured loan from Deutsche Bank. These funds will be earmarked for financing SOCAR's investment program," Abdullayev was cited as saying.

He did not specify the terms for the loan. Dobson was quoted as saying that Deutsche Bank had much interest in the projects that SOCAR are implementing. The bank intends to continue its partnership with the company in future, he said.