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)

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, 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.