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Overview

ICBC contributes $21.43 million to $300 million syndicated loan to help Azerbaijan’s state-owned oil company (SOCAR) refinance its liabilities (Linked to Record ID#66979)

Commitments (Constant USD, 2023)$22,804,228
Commitment Year•2017Country 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
Jan 1, 2017
Last repayment (originally scheduled)
Jan 1, 2018

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Intergovernmental Organizations

  • Arab Petroleum Investments Corporation (APICORP)

Private Sector

  • BNP Paribas S.A.
  • Commercial Bank of Dubai PSC (CBD)
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • DBS Bank Ltd.
  • ING Group N.V.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Société Générale S.A. (SocGen or Societe Generale)
  • Türkiye Garanti Bank BBVA

State-owned Banks

  • Reserve Bank of India

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 and ICBC contributions to USD 300 million syndicated loan to refinance the liabilities of State Oil Company of Azerbaijan Republic (SOCAR)

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

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, Industrial and Commercial Bank of China (ICBC) (Captured in Record ID#96451), Bank of Tokyo-Mitsubishi UFJ, Arab Petroleum Investments Corporation, Commercial Bank of Dubai, Bank of China (BOC) (Captured in Record ID#66979), 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.