Overview

Bank of China contributes to $255 million syndicated loan to SOCAR for refinancing and general corporate purposes

Commitments (Constant USD, 2023)$18,092,419

Commitment Year•2021Country of Activity•AzerbaijanDirect Recipient Country of Incorporation•AzerbaijanSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 17, 2021

Last repayment (originally scheduled): Sep 17, 2022

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)

Cofinancing agencies

Intergovernmental Organizations

Arab Petroleum Investments Corporation (APICORP)

Private Sector

CD Indosuez Wealth Management
Commercial Bank of Dubai PSC (CBD)
Coöperatieve Rabobank U.A. (Rabobank)
Internationale Nederlanden Groep (ING Group)
Mizuho Financial Group (MHFG)
National Bank of Fujairah PJSC (NBF)
Raiffeisen Bank International AG
Union de Banques Arabes et Francaises (UBAF)

State-owned Banks

Arab Banking Corporation (Bank ABC)
First Abu Dhabi Bank PJSC (FAB)

Receiving agencies

State-owned companies

State Oil Company of the Azerbaijan Republic (SOCAR)

Implementing agencies

State-owned companies

State Oil Company of the Azerbaijan Republic (SOCAR)

Loan description

Bank of China contributes to USD 255 million syndicated loan to State Oil Company of Azerbaijan Republic (SOCAR) to refinance existing USD 210 million revolver and for general corporate purposes

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

On September 17, 2021, the State Oil Company of Azerbaijan Republic (SOCAR) secured a $255 million syndicated loan agreement with a 1-year maturity and an unknown interest rate. Participants in the loan syndicate include Arab Petroleum Investments Corporation, Commercial Bank of Dubai, Bank of China, ING Group, CA Indosuez, Rabobank, Raiffeisen Banking Group, Mizuho Financial Group, First Abu Dhabi Bank, National Bank of Fujairah, UBAF, and Arab Banking Corporation. Each member of the syndicate reportedly contributed $19.62 million. The proceeds of the loan were to be use by the borrower to refinance its existing $210 million revolver, as well as for general corporate purposes.