SOCAR to close the issue of financing of construction of a carbamide plant in Sumgayyt

​SOCAR plans to close the issue with the financing of the project of construction of a carbamide plant in Sumgayyt in the summer 2016, the head of the plant, Kh. Dzhafarov, said.

The negotiations upon this issue go on. In the near future the visit of the representatives of the export-import bank of South Korea is expected in Baku, after which the negotiations start in late April, he said.

He said that the funds are planned to be attracted for a long time under the warranties of the Government. We think that the process of attraction of financing, including the warrantee issue by the Government, will take 3-4 months in general. Thus we expect this issue to be settled finally in June-July 2016, Kh. Dzhafarov said.

Taking into account the intermediary loan attracted in 2015 at the Banks of Korea for 150 mln euro for 6 months, the total amount of the long-term loan will make up 910-920 mln euro. This amount comprises the value of the contract with Samsung Engineering at the volume of 498 mln euro, expenditure on the construction of the additional infrastructure and 200 mln euro of tax and customs payments, Mr. Dzhafarov said.

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