SOCAR gets ready to participation in local and international capital markets

Azerbaijan, Baku, Mar. 1 / Trend, E. Ismayilov /

SOCAR (State Oil Company of Azerbaijan) is considering projects, for investment of funds obtained from the placement of corporate bonds, head of SOCAR Rovnag Abdullayev told reporters on Friday.

"SOCAR plans to issue bonds this year," Abdullayev said.

Moody Investors Service has today assigned a provisional (P) Ba1 rating to the approximately $1.0 billion worth of notes to be issued by the State Oil Company of the Azerbaijan Republic (SOCAR).

According to Abdullayev, SOCAR is also currently considering the need for the second issue of Eurobonds.

"Eurobond transactions are required not only for the attraction of funds, but also for the increase of the rating, image and recognition of the company in international markets to attract long term funds for large projects, considered by SOCAR", the head of the company said.

He noted the success of the debut issue of Eurobonds last year. "Although they were placed at 5.45 percent rate, currently this figure is at 2.6 percent, which confirms the growing confidence to the State Oil Company," Abdullayev said.

The placement of Eurobonds in London generated great interest among investors. The total volume of orders made by 290 investors totaled $ 4.6 billion.

Total volume of Eurobonds issue was $ 500 million. The maturity date of the primary issue of these Eurobonds is February 9, 2017. Eurobonds are issued on the basis of "Regulation S" of the U.S. Securities Act.

Most of the funds received by the State Oil Company of Azerbaijan (SOCAR) from the placement of Eurobonds were directed to pay the assets in Switzerland, purchased from Exxon Mobil. SOCAR signed an agreement with Exxon Mobil to acquire its Swiss branch - Esso Schweiz GmbH in November 2011.

Part of the funds from the placement of Eurobonds to the sum of $133 million, is intended for the purchase of 10 per cent of the state share of the Petkim petrochemical holding.
SOCAR is the co-owner of the Petkim petrochemical complex. Previously SOCAR Turkey Enerji (Turkish division of the State Oil Company of Azerbaijan) started construction of a new oil refinery in Turkey in order to meet the needs of Petkim in raw materials.

The rest of the proceeds from the Eurobonds worth $166 million focused on the external debt of the company, a senior representative of SOCAR said. In particular, $133 million were used to repay the loan borrowed from BNP Paribas and $33 million to cover the loan from the Yapi Kredit Bank.

Subscribe to Trend in Google News! Subscribe
Georgia to receive special PCR tests to detect new Omicron variant of coronavirus
Georgia to receive special PCR tests to detect new Omicron variant of coronavirus
Georgia boosts honey exports
Georgia boosts honey exports
Georgian medics advise reconsidering COVID-19 passports issuance
Georgian medics advise reconsidering COVID-19 passports issuance
Loading Bars
Latest
Moderna exec says company could have Omicron booster ready in March
UN says international migration rose last year despite Covid-19 impact
Kyrgyz border service reports shots from Tajikistan
Bennett declares ‘Yamam’ Israel’s national counterterrorism force
Transport infrastructure in Karabakh to turn Azerbaijan into logistics hub between Central Asia and Europe – CAERC
Four injured after old WWII aircraft bomb explodes in Munich - police
1st US case of COVID-19 omicron variant identified - Fauci
OPEC can elect new secretary general in January 2022 — source
President Erdogan talks bilateral relations with Crown Prince of UAE
Georgia to receive special PCR tests to detect new Omicron variant of coronavirus
Qatar Airways to launch flights to Uzbekistan from Jan 17, 2022
Iran military clashes with armed men on Afghan border
Armenia found itself in complete military-political isolation even within CSTO - Russian military expert
Net foreign assets in Azerbaijan grow for 10M2021
New geopolitical situation in region opens way for Azerbaijan’s further development - ambassador
Ambassador of Kazakhstan expresses condolences to Azerbaijan due to helicopter crash
Azerbaijan working on reconstruction railway line which is part of Zangazur corridor (PHOTO)
SOCAR’s STAR refinery tests numerous types of crude oil
Azerbaijan considering sending medical workers of Baku clinics to district hospitals
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,795 more COVID-19 cases, 1,967 recoveries
Azerbaijani National Depository Center opens tender to buy new generation security system
Georgia boosts honey exports
Solar PV growth to surpass wind in EU in 2021-2026
Servicemen injured in Azerbaijani helicopter crash talk about incident (PHOTO/VIDEO)
Turkmen company exports paper products to Uzbekistan, Turkey
Iranian companies express readiness to restore factories in Syria - minister
Azerbaijani, Armenian FMs to meet in Sweden
President Ilham Aliyev receives EU Special Representative for South Caucasus (PHOTO/VIDEO)
US Marshall Legacy Institute sends eight more mine detection dogs to Azerbaijan (PHOTO)
Iran’s Bahar Azadi gold coin price rebounds
Azerbaijani agency shares data for mine detection, clearing work in liberated territories
Central Bank of Azerbaijan opens tender to insure fixed assets
Azerbaijan’s 10M2021 oil exports to Spain revealed
Uzbek Statistics Committee shares data on volume of retail trade turnover
Georgian medics advise reconsidering COVID-19 passports issuance
Overview of Uzbekistan's volume of wholesale trade turnover dynamics between 2010-2020
Price indexes of construction, trade sectors at Uzbek stock exchange fall
Georgia, IMF discuss new co-op program
Prices for goods and services in consumer market of Uzbekistan rise
Turkey’s diesel fuel exports to Georgia down
Georgia, NATO discuss further co-op and Black Sea security
Iran bans import of musical instruments due to lack of foreign exchange resources
Turkmen ministry prolongs tender for supply of metal blanks
IRENEX shares data on sales of Tabriz Oil Refining Company
Activities in Iran’s Imam Khomeini port down
Star Refinery satisfies about quarter of Turkey's refined petroleum product needs - CEO
Kazakhstan’s oil and gas company opens tender to supply fittings
Mobile phones rank first in Iran’s total imports - IRICA
Turkmenistan’s education ministry extends tender for setting drip irrigation system
Oil minister tells president, parliament that Iran's oil exports 'significantly grow'
Azerbaijan, Pakistan talk prospects for development of military co-op (PHOTO)
Azerbaijan's SOCAR Polymer exports increase over 10M2021
Iran unveils volume of dates export
Iran’s CBI reveals data on balance of bank loans
EU to exceed current renewable capacity plans for 2030
Azerbaijan reveals oil exports to Italy in 10M2021
Azerbaijan shares data on oil export to Croatia in 10M2021
Baku Metro provides ‘November 8’ station with backup power supply (Exclusive) (PHOTO)
Renewable electricity generation to exceed average annual growth rate of 2015-2020
Expansion of bioenergy for power capacity to slow down
Renewable energy capacity to expand by 2026, says IEA
Azerbaijan talks ongoing work to provide electricity to liberated Lachin district
Special representative of Azerbaijan's President in liberated territories within Karabakh economic region appointed
German Ambassador expresses condolences to Azerbaijan over deadly helicopter crash
Iran, Syria sign four cooperation agreements
Iran to invest in Syrian industrial towns
Austria extends COVID-19 lockdown by 10 days
Branch of Azerbaijan’s Balakhani Operating Company opens tender to buy pipes, pumps
Baku electric company opens tender to buy materials for lamp posts repair
Organization of social zone of Aghdam Industrial Park completes in Azerbaijan – minister
Deputy Prime Ministers of Azerbaijan, Armenia and Russia to meet in Moscow today
Azerbaijan’s Azerishig opens tender for reconstruction of substation in Sumgayit
Kazakhstan increases trade with India over 9M2021
Nar continues to grow IT professionals (PHOTO)
India provides medical, humanitarian aid to over 150 countries to deal with COVID-19: MEA
Georgia receives COVID-19 support grant from German Development Bank
Turkey-Azerbaijan trade turnover grows in October 2021
Kazakhstan reports increase in maritime transport volumes
SOCAR Petroleum to open new petrol station in Azerbaijan’s Gubadli district
SOCAR Georgia Gas increases gas tariffs
Iran reveals COVID-19 data for December 1
Azerbaijan discloses data on oil exports to Israel
Georgian cities receive EU grant for cultural development
Saudi Arabia reports first Omicron case coming from north Africa
Georgian FM expresses condolences for lives lost in crash of military helicopter
PMO records increase in cargo movements in Iranian ports
Turkey’s BOTAS increases gas imports
Hungary launches Stipendium Hungaricum scholarship programm
Russia working out celebration program for 30th anniversary of ties with Azerbaijan - MFA
Burial ceremony of Azerbaijani helicopter crash victims held in second Alley of Martyrs (PHOTO/VIDEO)
Georgian Embassy expresses condolences to Azerbaijan on helicopter crash
Iran to prepare budget bill with highest economic growth estimates - President Raisi
Construction and installation work under completion at Azerbaijan’s Khojasan metro station (PHOTO)
Dynamics of OPEC+ production in 2021-2023
Share of Iranian government in earnings from crude oil exports to decrease – Official
Some try to use helicopter crash for political purposes - Azerbaijan's prosecutor general (PHOTO)
Azerbaijan lost comrades - head of Azerbaijani State Border Service on helicopter crash
Azerbaijan sees increase in local payments of foreigners via bank cards
Azerishig OJSC reveals work done to supply power to Azerbaijan’ Kalbajar
All news