Sberbank to finance SOCAR’s refinery construction in Turkey

Suleiman Gasymov, vice president of the State Oil Company of the Azerbaijan Republic (SOCAR), said that a syndicated loan for construction of the Star refinery in Aliag (Turkey) will be signed on May 5, abc.az reports.

The loan will be worth $3.5 billion. The project itself is worth $5.5 billion. Finances will be granted for 10 years with a 4-year beneficial period granted by Export-Import Banks and DenizBank, which will grant $0.5 billion.

99% of DenizBank shares belong to Russia’s Sberbank.