Bank of China contributes $21.43 million to $300 million syndicated loan to help Azerbaijan’s state-owned oil company (SOCAR) refinance its liabilities (Linked to Project ID#96451)
Commitment amount
$ 24694606.704959467
Adjusted commitment amount
$ 24694606.7
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
Azerbaijan
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
In early 2017, SOCAR Trading S.A. — the international marketing and development arm of the State Oil Company of Azerbaijan Republic (SOCAR) — secured a $300 million syndicated loan to refinance existing liabilities worth $250 million. The syndicate consisted of ING Group, Rabobank, BNP Paribas, Credit Agricole Group, ICBC, Bank of Tokyo-Mitsubishi UFJ, Arab Petroleum Investments Corporation, Commercial Bank of Dubai, Bank of China, DBS Bank, Garanti Bank, Societe Generale S.A., Reserve Bank of India and UBAF. Each bank in the syndicate (including Bank of China and ICBC) reportedly provided $21.43 million. The final maturity date of the loan was September 28, 2018, and SOCAR Trading reported that it had fully utilized the loan proceeds as of February 5, 2019.
Number of official sources
0
Number of total sources
4
Details
Cofinanced
Yes
Cofinancing agencies [Type]
BNP Paribas S.A. [Private Sector]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
Arab Petroleum Investments Corporation (APICORP) [Intergovernmental Organization]
DBS Bank [Private Sector]
Societe Generale [Private Sector]
Reserve Bank of India [State-owned Bank]
Coöperatieve Rabobank U.A. (Rabobank) [Private Sector]
ING Bank N.V. [Private Sector]
Commercial Bank of Dubai (CBD) [Private Sector]
Türkiye Garanti Bank BBVA [Private Sector]
Internationale Nederlanden Groep (ING Group) [Private Sector]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI)) [Private Sector]
Direct receiving agencies [Type]
SOCAR Trading S.A [State-owned Company]
Implementing agencies [Type]
SOCAR Trading S.A [State-owned Company]
Loan Details
Maturity
1 years