SOCAR seeks $8bn loans for oil and gas project
21.07.2015 14:00
SOCAR, the State Oil Company of Azerbaijan Republic, is in talks with Japanese banks to raise $8bn for an oil and gas project, the company’s president has told the ANS television station.
Roving Abdullayev told the Azerbaijani news channel that the company wanted to raise $8bn to fund its Oil and Gas Processing and Petrochemical Complex (OGPC) project.
The SOCAR president said he held talks with Japanese government officials and banks to discuss the financing of OGPC.
Abdullayev added that Japanese companies will buy a stake in the project, which will process 12 billion cubic meters of natural gas a year and produce 800,000 tons of petrochemicals.
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