Assets bought in Switzerland to pass under SOCAR’s control by July

The State Oil Company of Azerbaijan (SOCAR) will pay the remainder of the funds for the acquisition of assets in Switzerland by June 15, SOCAR vice president on economic issues Suleyman Gasimov told reporters on Tuesday, Trend reports.

Gasimov added that 10 per cent prepayment to the sum of $30 million was previously provided to SOCAR.

"The total price of assets acquired by the State Oil Company in Switzerland is $330 million. Some $200 million of the remaining $300 million payment will be provided by funds received from Eurobonds and $100 million from the company's own resources," Gasimov said.

He noted that the payment of these funds will be made until June 15 in order for assets to be transferred to the balance of SOCAR on July 1.

SOCAR signed an agreement with Exxon Mobil in November last year to acquire its Swiss branch called Esso Schweiz GmbH. The company will operate under Esso brand within 12 months after the ownership is changed.