Socar Extends Term Loan with Deutsche Bank
Deutsche Bank London has signed a US$100m term loan facility for the State Oil Company of the Azerbaijan Republic (Socar). The bilateral facility represents the extension and increase of the US$80m loan that Deutsche Bank and Socar signed in October 2009. The new loan has a one-year maturity and pays a margin of 1.5% per annum.
Ben Dobson, director of structured trade and export finance in Deutsche Bank’s global transaction banking division in London, said: “Deutsche Bank is very pleased to extend and increase the 2009 loan for Socar. This transaction reflects how highly we regard Socar as a client and Azerbaijan as an important market offering us new opportunities to serve client needs.”
Socar is the largest company in Azerbaijan, contributing over 14% of gross domestic product (GDP). Socar, 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.