In Port News 04/07/2016
Source: ABC.Az
The State Oil Company of Azerbaijan (SOCAR) has published the conditions of the loan taken by Petkim from Turkey’s Akbank for the construction of container port Petlim Limancılık Ticaret A. Ş in the Aegean Sea.
The SOCAR consolidated financial report for 2015 says that a 13-year loan agreement for $212 million (AZN 331 million) was signed with Akbank T. A. Ş in 2015.
According to the document, payments will not be carried out during the first three years. As a guarantee of loan repayment Petkim collateralised its shares in Petlim for 105 million Turkish liras (AZN 56 million). In addition, on 20 November 2015 Petlim collateralised its land plot in favor of Akbank T. A. Ş. for $350 million (AZN 368 million).
SOCAR has a controlling stake of shares in Petkim.
Source: ABC.Az
