Azerbaijan’s state-run oil company Socar has secured a three year US$110mn bilateral term loan facility with Deutsche Bank.

The proceeds of the loan will be used to expand Socar’s business, Deutsche Bank says in a statement.

The loan marks Socar’s fourth bilateral facility from Deutsche Bank since 2009. The company was last in the market in 2010 with a one-year US$100mn bilateral facility which paid a margin of 150 basis points.