SOCAR subsidiary in Romania plans to attract loan

SOCAR Petroleum SA company, subsidiary of the State Oil Company of Azerbaijan in Romania, plans to attract 5 million euros of loan from the Dutch ING Bank, Romanian media reported.

Reportedly, the loan is needed to finance the company’s working capital.

The shareholders of SOCAR Petroleum SA approved signing a loan agreement during the general meeting in November, according to Romanian media.

The loan which can be increased to 10 million euros is secured by the company’s fuel assets, including gas filling stations and real estate, said the report.

SOCAR Petroleum SA company has been operating on Romanian market since 2011. Currently, the company has a network of 32 gas filling stations and plans to expand it.

To date, SOCAR has invested around 50 million euros in Romania and created over 400 jobs.

(Source:http://en.trend.az/)

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