SOCAR head: SOCAR to issue Eurobonds worth $500 million in June
Azerbaijan, Baku, May 24 / Trend E. Ismayilov /
SOCAR intends to issue Eurobonds worth $500 million in June, SOCAR head Rovnag Abdullayev said.
Eurobonds will be placed on the European market.
Abdullayev said that the main purpose of issuing bonds is to get higher ratings.
The company may easily raise funds from various international financial institutions. So, getting the funds from issuance of bonds is not a primary goal, he said. The main goal is to improve the ratings.
Previously, the first issue of bonds was scheduled for 2009. But then SOCAR postponed its plans to improve the situation in global capital markets, SOCAR vice-president said earlier.
SOCAR's consultant on placing bonds is U.S. Citibank.
SOCAR is the State Oil Company of Azerbaijan. SOCAR's oil and gas enterprises produced 7.28 million tons of oil and more than 7 billion cubic meters of gas in 2010.
SOCAR and foreign partners are involved in such major projects as the development of the block of oil and gas fields "Azeri-Chirag-Guneshli" and Shah Deniz gas condensate field in the Caspian Sea.
SOCAR includes Azneft production association (the companies producing oil and gas onshore and offshore), "Azerkimya" industrial association (chemical enterprises), Azerigaz industrial association (gas distribution).
SOCAR is the only producer of oil products in the country (it has two refineries on its balance), and also owns petrol stations in Azerbaijan, Georgia and Ukraine. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. The company carries out the oil trade in various regions of the world through SOCAR Trading.