SOCAR to Borrow $20Bln

By The Moscow Times

May 21, 2013

BAKU — Azeri state energy firm SOCAR plans to borrow more than $20 billion over the next five years to finance energy projects to help boost gas exports to Europe, a challenge to plans by neighboring Russia.

SOCAR, one of the world's oldest oil companies, wants to send gas to Europe, hoping to capitalize on a desire in European capitals to diversify their supply from Russia after Moscow's "gas wars" with Ukraine disrupted supplies in 2006 and 2009.

Vice President Suleiman Gasymov said he would approach foreign banks as well as turning to the state oil fund to pay for a $5 billion refinery in Turkey, a $17 billion oil and gas processing and petrochemical complex, the $8 billion Trans-Anatolian natural gas pipeline project (TANAP) and new drilling rigs on the Caspian Sea worth $4 billion.

(Reuters)

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue