The World Bank’s International Finance Corporation (IFC) and the European Bank of Reconstruction and Development (EBRD) have withdrawn from a consortium financing the construction of Turkey’s second oil refinery, built by Azeri state oil firm SOCAR, Reuters has reported.
SOCAR Turkey’s chief executive Kenan Yavuz told Reuters the firm had agreed with a commercial bank fresh financing of $500 million to replace the EBRD and IFC share and that the funding agreement, worth a total of $3.5 billion, was expected to be signed by the end of March.
Yavuz declined to name the commercial bank but sources close to the deal said it was Turkey’s Denizbank, owned by Russia’s Sberbank.
