ECONOMY


SOCAR receives first tranche of IBA loan

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Baku, October 27, AZERTAC

The State Oil Company of Azerbaijan Republic (SOCAR) has received the first tranche (189 million manats) of the major loan from the International Bank of Azerbaijan.

SOCAR Vice President Suleyman Gasimov said that under the first installment of the IBA loan some 69 million manats will be directed to reconstruct the oil refinery, and about 120 million manats to conduct drilling.

The total amount of the loan will be 1.86 billion manats.

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