The consolidated debt of State Oil Company of Azerbaijan (SOCAR) has already reached $6.8 billion, Suleyman Gasymov, SOCAR Vice President for Economic Affairs, told journalists last week.
He said of this sum $1.1 billion is company’s investments and about $1 billion – debts to the foreign companies.
He explained that SOCAR has already invested the borrowed funds into its own foreign projects.
“We have also borrowed over $1 billion from the State Oil Fund of Azerbaijan (SOFAZ) and invested it into the projects in Turkey, we have also borrowed money to build a new ship building plant. In addition, $485 million has been spent to buy 1.67% share in the Azeri-Chirag-Guneshli (ACG) project, added SOCAR Vice President.
In September 2013, when the first phase of SOCAR’s ship building and repair plant was put into operation, it was announced that $450 million has been invested into the project. In this project 65% shares are owned by SOCAR.
