BAKU, Azerbaijan, October 19. SOCAR Türkiye, a
subsidiary of Azerbaijan’s State Oil Company SOCAR, has secured
$1.6 billion in refinancing, the company said on October 19.


Reportedly, the syndicated financing was arranged under the
leadership of First Abu Dhabi Bank (FAB) and Mizuho Bank.


The company said that the financing had been secured on
favorable terms despite continued uncertainty in the global
economy. The deal has a five-year maturity and is guaranteed by
SOCAR.


“The syndicated financing involved 22 banks from Europe, the Far
East and the Middle East. Demand for the transaction exceeded the
targeted financing amount by 1.8 times. The deal stands out for its
long repayment period and lower borrowing costs compared with
previous loans and similar market transactions. The refinancing
does not create any additional obligations for SOCAR,” SOCAR
Türkiye said in a statement.


SOCAR President and SOCAR Türkiye Board Chairman Rovshan Najaf
said that securing financing on such terms reflects the high level
of confidence international financial institutions have in SOCAR
Türkiye.







“A refinancing transaction of this scale, arranged on favorable
terms under the leadership of leading global financial institutions
FAB and Mizuho Bank, demonstrates the strong confidence in SOCAR
Türkiye at a time when uncertainty persists in global markets. This
financing from international sources strengthens SOCAR Group’s
liquidity and also shows that our projects have the support of
financial institutions,” he said.


As Türkiye’s largest integrated industry group, SOCAR Türkiye
continues its activities in many sectors, primarily petrochemicals,
refining, natural gas, trade, transmission, and distribution. The
company says it is constantly increasing the production capacity,
extending the value chain from the source to the end user.


With our Corporate Headquarters Business Unit operating under
the name SOCAR Türkiye, the company works through three separate
business units: Refinery & Petrochemicals, Natural Gas, and
Portfolio Management. The companies SOCAR Türkiye leads under these
business units are Petkim, STAR Refinery, SOCAR Storage, SOCAR
Ticaret, Petkim RES in the Refinery & Petrochemical Business Unit,
SOCAR Energy Trading in the Gas Business Unit; SOCAR Terminal,
SOCAR Fiber, SOCAR R&D, SOCAR Insurance and TANAP in the
Portfolio Management Business Unit.