Azerbaijan, Baku, Aug. 3 / Trend N. Ismayilova /
SOCAR's total liabilities to its largest creditor - the International Bank of Azerbaijan (IBA) amounted to 1.734.303 million manat as of 2010, SOCAR's financial report said. The total amount of SOCAR's debts amounted to 3.059,676 manat as of late 2010.
SOCAR's short-term borrowings from IBA last year amounted to 585.353 million manat, long-term borrowings - 1.148.95 million manat.
Last year, SOCAR repaid three loans, drawn from the IBA.
The report said that on May 21, 2007 the IBA provided SOCAR with a credit line worth $ 50 million at an annual interest rate of LIBOR + 2 percent for three years until May 21, 2010. The loan was fully repaid by SOCAR.
On October 24, 2007 the IBA provided SOCAR with a credit worth $ 60 million at an annual interest rate of LIBOR + 3 percent for three years until October 24, 2010. The loan was fully repaid by SOCAR.
On December 6, 2007 the IBA gave credit to SOCAR worth $ 40 million at an annual interest rate of LIBOR + 3 percent for three years till December 6, 2010. The loan was fully repaid by SOCAR.
On May 22, 2008 the IBA provided SOCAR with a credit worth $665 million at an annual interest rate of LIBOR + 2 percent for three years until May 22, 2011.
On July 21, 2009 the IBA provided SOCAR with a credit line worth 750 million manat to refinance current debts and finance investment activity. The loan was provided at an annual rate of 3 percent. As of late 2010, the balance of the loan amounted to 750 million manat, of which 125 million manat refer to the current part.
On July 27, 2009 the IBA provided SOCAR with a credit line worth $ 470 million at an annual rate of 3.5 percent.
On May 20, 2010 the IBA provided SOCAR with a credit line worth $ 80 million at an annual rate of 3.5 percent up to May 20, 2013. As of late 2010, the balance of the loan amounted to 68.832 million manat. The payment of this debt is guaranteed by a special cash deposit worth $ 80 million in the IBA.
On July 1, 2010 the IBA provided SOCAR with a credit line worth $ 20 million at an annual rate of 1.65 percent in April 2011. As of late 2010, the balance of the loan amounted to 10.639 million manat.
The IBA provided SOCAR with a credit line worth $ 30 million at an annual rate of 14 percent up to April 4, 2011.
On May 14, 2010 the IBA provided SOCAR with a credit line worth $ 40 million at an annual rate of 14 percent.
In May 2011, the IBA and Steas signed a loan agreement amounting to $665 million. It was extended until May 23, 2014.
In May 2011, SOCAR signed a new deposit agreement worth $ 40 million with the IBA for one year.
SOCAR is the State Oil Company of Azerbaijan. SOCAR's oil and gas enterprises produced 7.28 million tons of oil and more than 7 billion cubic meters of gas in 2010.
SOCAR and foreign partners are involved in such major projects as the development of the block of oil and gas fields "Azeri-Chirag-Guneshli" and Shah Deniz gas condensate field in the Caspian Sea.
SOCAR includes Azneft production association (the companies producing oil and gas onshore and offshore), "Azerkimya" industrial association (chemical enterprises), Azerigaz industrial association (gas distribution).
SOCAR is the only producer of oil products in the country (it has two refineries on its balance), and also owns petrol stations in Azerbaijan, Georgia and Ukraine. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. The company carries out the oil trade in various regions of the world through SOCAR Trading.