Azerbaijan, Baku, 6 November/ Trend , corr S. Aliyev/ According to Miller and Lents assessment company who assessed reserves of SOCAR, proved recoverable reserves can be extracted for 15 years, SOCAR representatives said. Miller and Lents report has already been approved by SOCAR management.
The reserves were assessed to enable SOCAR to get first credit rating from international agencies.
SOCAR wants to get credit rating in order to issue bonds. The Company is ready to issue first bonds in 2009. The first issue is expected to total to $500mln which is more acceptable, according to the international rating agencies.
Plans to issue bonds in 2009 is due to the fact that international audit needed to be carried out two years ago. In 2007, SOCAR conducted first international audit. The next is expected to be carried out in 2008.
Azerbaijan and its businessmen have not yet realized plans to issue Eurobonds in foreign markets. Ministry of Finance has not yet fixed date of issue of Eurobonds worth $500mln. Several banks of Azerbaijan will also be involved in this process. International Bank of Azerbaijan has announced $200mln, UniBank - $150mln and Bank Standard - $150mln to $200mln.
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