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IFC Ready to Approve 300 Million USD for Construction of SOCAR Refinery in Turkey

IFC is ready to approve $300 million financing for construction of SOCAR refinery in Turkey.

The International Finance Corporation (IFC) is ready to provide substantial funding for the construction of the State Oil Company of Azerbaijan's (SOCAR) Aegean refinery in the Turkish port of Aliaga.

"Investment Review RDS-IR has been already presented that allows planning the approval of financing," the Corporation said.

At the same time, the IFC does not disclose the exact date of the approval, being apparently mindful of the fact that its optimistic outlook on the funding approval on August 12 did not come to fruition.

With a total construction cost of $5.3 billion, the IFC is ready to give a loan of $150 million and organize commercial banks' financing for another $150 million.

With the organization of financing of $300 million, the IFC can become a leader among project financing development agencies.

Refinery's capacity will reach 214,000 barrels of oil per day.

Source: News.Az

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