SOCAR holds presentation for Standard & Poor's
Azerbaijan, Baku, June 22 / Trend /
The State Oil Company of Azerbaijan (SOCAR) held a presentation for the representatives of Standard & Poor's international rating agency to obtain a rating from the agency on Tuesday, SOCAR said.
As SOCAR President Rovnag Abdullayev said during the presentation, SOCAR was assigned the international agency's "Fitch Ratings" in 2009, and the rating from Moody's in 2010.
"The rating level improves every year", Abdullayev said.
He expressed confidence that after Standard & Poor's representatives will become more acquainted with SOCAR's activity, the company will be given an appropriate rating.
Even though SOCAR is an entirely state-owned company, it operates as a commercial structure.
"Azerbaijan has become one of the key players in ensuring Europe's energy security, and SOCAR represents the country in implemented regional projects", Abdullayev said. "SOCAR prefers the most profitable and less risky projects", he added.
General Director of Standard & Poor 's Moscow Bureau Elena Anankina introduced the group members of SOCAR rating to the agency's London Office Director Simon Redmond.
She said that meetings held so far with SOCAR representatives have given agency representatives a positive perception. She expressed confidence in further deepening cooperation at a subsequent stage.
Later the Standard & Poor's representatives became familiar with SOCAR's structure, its subsidiaries, production results, and projects involving the State Oil Company.