ID :
78524
Sat, 09/05/2009 - 00:54
Auther :
Shortlink :
https://oananews.org//node/78524
The shortlink copeid
CENTRAL BANK OF AZERBAIJAN LENDS AZN 750 MILLION TO SOCAR
Baku, September 4 (AzerTAc). Central Bank of Azerbaijan approved AZN 750 million loan to the State Oil Company of Azerbaijan at 3% interest rate with a maturity period of 7 years, including a grace period of two years, Chairman of the Bank`s Board Elman Rustamov said.
SOCAR will repay interests for the first two years and 150 million manats each year during remaining 5 years.
The major part of the loan will be spent on repayment of the company`s foreign debts. This year`s interest payments are two-three times higher than those in previous years.
This amount is enough to stabilize the financial situation of the company, continue the projects and normalize relationship with the fiscal sector and state budget.
SOCAR will repay interests for the first two years and 150 million manats each year during remaining 5 years.
The major part of the loan will be spent on repayment of the company`s foreign debts. This year`s interest payments are two-three times higher than those in previous years.
This amount is enough to stabilize the financial situation of the company, continue the projects and normalize relationship with the fiscal sector and state budget.