OREANDA-NEWS. On June 06, 2007 State Oil Company of the Azerbaijan Republic (SOCAR) has commenced the repayment of credits attracted from the International Bank for construction of the gas pipeline between Oily Rocks and Bahar fields as well as Baku-Kazi Magomed gas pipeline, reported the press-centre of  IBA.

As Suleyman Gasimov, VP SOCAR has informed the credit was taken from IBA for the amount of 60 mln. USD to finance the construction of the gas pipeline between Oily Rocks and Bahar fields and for the amount of 100 mln. USD for the construction of Baku-Kazi Magomed gas pipeline, drilling of gas production wells and procurement of equipment.

"We have repaid 10 mln. USD for the first credit in May, and will make repayments as per approved schedules", - said S. Gasimov.

Funds have been attracted to finance the programs for increase of gas production, which has already resulted in increase of the daily production to up to 14 mln. cubic meters.