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BSTDB Partners with SOCAR AQS to Promote Regional Cooperation in Energy Sector

Press Release | 18-Dec-2019

The Black Sea Trade and Development (BSTDB) and SOCAR AQS, a major drilling and well services company headquartered in Azerbaijan, have reached an agreement to partner for advancing regional cooperation in the energy sector. BSTDB is providing a EUR 20 million Trade Finance Facility to finance imports of industrial equipment and materials from BSTDB member countries.

The transaction will have a strong regional and developmental impact through acquisition of casings, tubular, rig, well service equipment, drill bits, power generators, and crane equipment mainly from Russia, Romania, Türkiye, and Ukraine.  

“We are delighted to become the first international financial institution to support SOCAR AQS, a major energy market player in Azerbaijan and in the whole Black Sea region. The energy and infrastructure has a vital role in the regional development and as such is a strategic priority for us. This operation underlines BSTDB’s mandate to promote regional cooperation among member countries. The  partnership with SOCAR AQS will generate significant economic benefits and technological advancement opportunities for many producers and suppliers in the region. We hope to develop further  our partnership in the coming years,” said Dmitry Pankin, BSTDB President, signing the loan agreement at the BSTDB Headquarters in Thessaloniki.

“SOCAR AQS proudly develops and delivers integrated energy and engineering solutions to sustain and further enhance historically leading role of the region in production of energy. We pursue our mission by application of innovative technologies in a sustainable manner with the corporate commitment to the highest safety and environmental management standards in our operations. The partnership with BSDTB will enable SOCAR AQS to expand our business and further integrate to supply-chain ecosystem in the region,” said Ramin Isayev, General Director of SOCAR AQS.

SOCAR AQS was established as an integrated drilling and well services management company between the State Oil Company of Azerbaijan Republic (SOCAR) and Absheron Drilling Company (AQS) in 2007. The JV partners, SOCAR brings over 170 years of industrial oil well drilling experience, while AQS brings advanced drilling technologies and new management methods to the company. Currently, SOCAR AQS has significant offshore and onshore operations in the Black Sea and the Caspian Sea region. The company is a UN Global Compact LEAD, received API Q2 Certification  and has been a member of IADC since 2009. For information on SOCAR AQS, visit www.socar-aqs.com

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.

Press contacts:
Black Sea Trade and Development Bank
Haroula Christodoulou
Phone: +30 2310 290533 
E-mail: cchristodoulou@bstdb.org

Sanuber  Nazarova
Phone: +994 12 565 1515
Email: snazarova@socar-aqs.com
Website: www.socar-aqs.com

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