Black Sea Trade and Development Bank approves loan for SOCAR

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

"The Board of Directors has unanimously approved the decision about the BSBTD's 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."

According to him, it is the largest loan in the BSTDB's history.

"The bank usually allocates the loans for up to 10 years," he said. "The loans of such an amount are generally delivered under the sovereign guarantees. In this case, such guarantees are not required, as we consider SOCAR as a very serious and reliable partner."

Adapted from