Azerbaijan’s state energy company SOCAR will borrow 1.86 billion manat ($1.8b) from the International Bank of Azerbaijan to finance its drilling projects in the Caspian and upgrade a refinery in Baku, a senior company official said.
Agreements have already been signed to secure the loans under the state guarantee, Suleyman Qasimov, SOCAR vice president for economic affairs, told reporters Thursday in Baku.
The company will use 1.26 billion of the total to finance the upgrade of the Heydar Aliyev refinery. The remaining 600 milion manat will be invested in drilling projects at the Bulla and Guneshli deposits, Qasimov said.
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