February 14, 2013 / 11:37 AM / 5 years ago

Socar says to sign Turkish refinery financing within one month

ISTANBUL, Feb 14 (Reuters) - Azerbaijan’s state oil company Socar will sign a preliminary deal with a banking consortium on financing its refinery at Aliaga in western Turkey within one month, the chairman of its Turkish unit told Reuters on Thursday.

“Excluding financing costs, the total cost of the refinery financing will be $4 billion. Of that we will provide $1.9 billion from our own equity,” Kenan Yavuz said in a telephone interview.

He said total financing in 2013 would be $800 million, part of the $1.9 billion to be funded from its own equity. Socar has so far invested $200 million from its equity in the project.

Writing by Daren Butler; Editing by Nick Tattersall

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