Azerbaijan, Baku / Trend corr. A. Badalova / Citibank will be the financial consultant for the State Oil Company of Azerbaijan Republic (SOCAR) to receive an international rating, the Vice President of SOCAR on Economic Affairs, Suleyman Gasimov, said on 5 October. Citibank, an international banking group, will open its Azerbaijan office in 2008.
SOCAR intends to receive an international rating for issue of Eurobonds.
"Before receiving an international rating and issuing Eurobonds we will introduce international fiscal standards," Gasimov said.
SOCAR is expected to turn to international standards of fiscal accounting on 1 January 2008. For this purpose the company has to re-appraise the property and non-material assets to be carried out by American Appraisal.