Azerbaijan’s state oil company SOCAR has borrowed $150 million from the Savings Bank (Sberbank) of Russia, the company said.

The loan agreement was signed in March, SOCAR said, adding it will repay the money in equal portions of $43 million between 2016 and 2019 with 2.5 percent plus Libor interest rate.

SOCAR also said it obtained $250 million short-term bond from the State Oil Fund of Azerbaijan (SOFAZ). The debt will be repaid by next March.

Bakudaily.az