Black Sea Trade and Development Bank approves loan to SOCAR

The Black Sea Trade and Development Bank (BSTDB) will allocate a $58 million loan to the State Oil Company of the Azerbaijani Republic (SOCAR), the bank's chairman Andrey Kondakov told media today.

"The Board of Directors has unanimously approved the decision about the bank joining the Star refinery construction project," he said.

"The loan will be allocated for a period of 18 years. The exact term is still being discussed," he added.