Overview

Bank of China contributes to $210 million syndicated loan to help Azerbaijan’s state-owned oil company (SOCAR)

Commitments (Constant USD, 2023)$21,666,410

Commitment Year•2020Country of Activity•AzerbaijanDirect Recipient Country of Incorporation•SwitzerlandSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 1, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

State-owned companies

SOCAR Trading S.A

Implementing agencies

State-owned companies

SOCAR Trading S.A

Loan description

Bank of China contributes to USDD 210 million syndicated loan to SOCAR Trading S.A. to amend, extend and increase an existing syndicated credit facility

Interest type•Unknown

Narrative

Full Description

Project narrative

In August 2020, SOCAR Trading S.A. — the international marketing and development arm of the State Oil Company of Azerbaijan Republic (SOCAR) — secured a $210 million syndicated loan with 10 banks. Bank of China reportedly contributed $21 million. The proceeds of the loan were to be used by the borrower to amend, extend and increase an existing syndicated credit facility.