SOCAR to take out a loan for construction of oil and gas industry

SOCAR (State Oil Company of Azerbaijan) intends to attract a loan from the Central Bank of Azerbaijan (CBA) within the framework of the project to create a new oil and gas processing petrochemical complex (OGPC) in Azerbaijan, the President of SOCAR Rovnag Abdullayev said today.

“The loan will be attracted for implementation of the first phase of the OGPC project. We intend to attract about 1 billion manats for 10 years, with an option to extend the loan repayment period for five years,” Trend cited Abdullayev.

The OGPC will be located 60 kilometers from Baku and will consist of three processing enterprises and a thermal power plant (TPP). The total cost of the first phase of the OGPC project is estimated at $7 billion (including interest on loans - $8.45 billion). The payback period of the project will last 4-5 years.

Implementation of the project will be completed around late 2022 - early 2023.