The State Oil Company of Azerbaijan (SOCAR) won't use foreign loans in 2016, abc.az reports.
SOCAR vice president, Suleyman Gasimov, has informed that the Company has no necessity in foreign loans this year.
"Previously, we received governmental financing from the State Oil Fund (SOFAZ) and foreign loans, due to which we are conducting drilling operations, the reconstruction of the Baku refinery and other projects. So, this year we will not apply for foreign loans for the needs of SOCAR itself,” Gasimov said.
He added that not SOCAR but CJSC Southern Gas Corridor (CQD/SGC) will be engaged in the organization of financing of the Southern Gas Corridor project.
"The downgrading of SOCAR rating after the sovereign rating does not affect the stability of Company’s financial situation," Gasimov emphasized.
