Since early 2018, the State Oil Company of Azerbaijan (SOCAR) has spent 115 million manat ($ 68 million) to purchase four vessels, the company said in its financial report for 2017.
“Over the past period of 2018, SOCAR spent 115 million manat ($ 68 million) on the purchase of four vessels. Funds for this purpose were raised from Credit Europe Bank,” the document says.
In addition, according to the company, in March 2018, SOCAR attracted short-term and long-term loans from the Azerbaijani Finance Ministry for 102 million manat ($ 60 million) and 98 million manat ($ 57 million), respectively.
