Azerbaijan, Baku, June 3 / Trend I. Khalilova /
SOCAR (the State Oil Company of Azerbaijan) signed the agreement with the second rating agency Moodys Investors for getting the international rating, SOCAR vice-president on economic affairs Suleyman Gasimov said.
"We signed the contract with Fitch Ratings in 2008. Rating estimation is long procedure. Presently, answers for questions of rating agencies are being prepared," Gasimov said.
Getting of rating is connected with SOCAR's plans on issue of bonds. The state oil company planned to conduct debut issue of securities in the amount of $500 million for five years. According to the international rating agencies, it is more acceptable.
"This volume suits us as it allows increasing image of SOCAR on foreign markets," Gasimov said.
SOCAR's consultant on bond allocation is U.S Citibank. It suggests their allocation in the USA as there is great demand for them on U.S market. Five-six exchanges from different countries showed interest to bond allocation.
Plans on their issue were postponed for 2009 as the international audit was necessary to be held within two years. The State Oil Company held the first international audit as a result of activity in 2007. But the second will be held as a result of 2008. U.S company Miller & Land estimated reserves of hydrocarbon in SOCAR's fields. The company's report was approved by leadership of the state oil company.
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