Deutsche Bank Signs US$80m Term Loan Facility for Socar
Deutsche Bank London has signed a US$80m term loan facility for State Oil Company of the Azerbaijan Republic (Socar). The bilateral facility has a one year maturity (with an extension option) and pays a margin of 2% per annum.
Socar is the largest company in Azerbaijan, contributing over 14% of gross domestic product (GDP). The company, which is 100% state owned, is active in all aspects of the petroleum industry, ranging from exploration and development, refining and transportation through to marketing. Since its establishment in 1992, Socar has signed 27 major production sharing agreements with international oil companies, including projects for ACG and Shah Deniz, both operated by BP. Socar aims to become one of the region’s leading energy companies. In this respect, the company purchased Petkim of Turkey in 2008.