SOCAR to receive int'l agency rating
Azerbaijan, Baku, Feb. 27 / Trend , I.Khslilova, S.Aliyev/
The State Oil Company of the Azerbaijan Republic (SOCAR) will receive its first international rating by the end of the year, SOCAR Vice President on Economic Issues Suleyman Gasimov said on Feb. 27.
"SOCAR is negotiating with Fitch Ratings based on a contract for 2008 and consultations with Moody's Investors. Standards and Poors is also showing an interest in SOCAR," Gasimov said.
SOCAR plans to issue bonds. Initially, SOCAR will issue $500 million bonds for a 5-year term.
"The bonds will promote SOCAR's image in foreign markets," Gasimov added.
SOCAR consultant Citibank has offered to place the bonds in the U.S.
Several other countries have shown a similar interest.
Earlier SOCAR postponed plans to issue bonds in 2009.
Miller and Land estimated SOCAR's hydrocarbon reserves.
The company's report was approved by SOCAR.
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