SOCAR Petroleum SA, daughter company of Azerbaijani SOCAR in Romania, plans to borrow 5 million Euro from the Dutch ING Bank, Romanian media reported on Tuesday.
“$5 million worth credit will be used to fund the company’s turnover capital. The shareholders of SOCAR Petroleum SA have approved concluding of the credit agreement at the session in November. The credit line has been secured by the company’s fuel assets, including petrol stations and immovable property,” write mass media. The amount of the credit could be increased up to 10 million Euro.
SOCAR Petroleum SA company has been operating at the Romanian market since 2011. At present the company owns a network of 32 petrol stations and it plans to expand it. Until now SOCAR has invested about 50 million Euro into Romania and created over 400 jobs.
