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 Record ID#96451)

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