Azeri State Oil Company SOCAR to Sign $3.5 Billion Turkish Refinery Deal

(Bloomberg, Istanbul, 22 April 2014) Azerbaijan’s state oil company, Socar, is in the final stages of negotiations for a $3.5 billion loan to help build a refinery in Turkey, said Kenan Yavuz, chief executive for the company’s Turkish unit... Most of the $3.5 billion package, arranged by the Turkish unit of Unicredit SpA (UCG), Italy’s biggest lender, will be provided by 15 international lenders with guarantees from the ECAs of six countries, the US Ex-Im Bank, JBIC, Export-Import Bank of Korea, and the Italian, Canadian and Spanish ECAs.