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Director: SOCAR Carbamid begins debt repayment

November 28, 2019/ 09:23

Baku. SOCAR Carbamid, an Azerbaijani urea plant, has begun repaying its loan, the plant's Director Khayal Jafarov told reporters on the sidelines of an international conference on the role of the Paris Agreement on climate and environmental change in Baku Nov. 27, Trend reports.

According to the director, the first tranche in the amount of 33 million euros was concluded by the enterprise in June 2019, the second tranche in the amount of about 30 million euros is planned to be held in the second half of December 2019.

Thus, by the end of 2019, the company will have paid a loan obligation in the amount of 66 million euros, Jafarov said.

The director stressed that next year the balance of loan obligations will be approximately 460 million euros (including interest). The payback period of the plant will extend up to 10 years.

Azerbaijan's SOCAR Carbamide Plant was commissioned on Jan. 16, 2019.

The enterprise includes three production sites: ammonia production; urea production; urea granule production. The plant's capacity is 1,200 tons of ammonia and 2,000 tons of urea per day.

Azerbaijan's domestic demand for urea amount to 100,000-150,000 tons per year. Given the plant's capacity in the range of 650,000-660,000 tons of urea, up to 500,000 tons of finished products will be exported.

The international conference organized by SOCAR is taking place in Baku on Nov. 27. The role of the Paris Agreement in climate and environmental change is theme of this event. SOCAR President Rovnag Abdullayev, Azerbaijani Minister of Ecology and Natural Resources Mukhtar Babayev, Deputy Minister of Energy Elnur Sultanov and other officials are taking part in the event.

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