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SOCAR Trading raises loans for purchase of oil at rate not exceeding 3%

SOCAR Trading raises loans for purchase of oil at rate not exceeding 3%
28.06.2016

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The State Oil Company of Azerbaijan (SOCAR) continues to benefit from fruits of its trade house – SOCAR Trading S. A.

At the meeting with the country’s civil society SOCAR vice president Suleyman Gasimov informed that last year Company’s main income was obtained due to the activity of SOCAR Trading.

"By the end of 2015 SOCAR total revenues amounted to AZN 33 bn that is by 18% less than in 2014. At the same time it is fundamentally wrong to assume that by taking loans SOCAR Trading burdens SOCAR and the government. It is a lie as our trading house operates with profit. As for its loans, they are taken for prompt purchase of oil for profitable sale and are actually covered very quickly, precisely thanks to trading operations. The maximum rate on such credits does not exceed 3%,” Gasimov explained.


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