SOCAR to cover investment program deficit by attracting funds
Azerbaijan, Baku, June 8 / Trend, E. Ismayilov /
The State Oil Company of Azerbaijan (SOCAR) intends to pay off a deficit of the company's investment program for 2011 in the amount of $800 million manat (about one billion dollars) by attracting loan funds, the company's senior official said.
He said the company has already received the ministry's permission to attract loan funds. Covering the deficit of investments is planned through issuing Eurobonds worth $500 million, while the remaining $500 million will be provided through loans.
SOCAR intends to issue the first set of Eurobonds this year. As the company representative said, no change is envisaged in the volume, although banks and financial institutions recommend continued disbursements for seven years. However, SOCAR maintains its position to issue securities for a period of five years.