As of December 31, 2021, the carrying amount of the receivable on loan granted to Palmali, is AZN 122 mln.
In accordance with the Share Pledge Agreement and Corporate Guarantee dated 7 October 2009, signed between the Group and owners of Palmali, the latter pledged 340 shares out of total authorized and issued 514 shares and any related equity interests in Palmali as a security for its obligations under the abovementioned loan agreement. In addition, Palmali has assigned in favour of the Group all of its rights and interests in all proceeds and funds received or receivable by Palmali under the transportation services agreement signed with one of the Group subsidiaries on 20 March 2008 in relation to transportation of crude oil and oil products. The above security arrangement shall remain in force until Palmali fully repays its liabilities to the Group.
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