SOCAR defines banks-underwriters on Eurobonds issue

Oil&Gas Materials 13 July 2011 18:32 (UTC +04:00)

Azerbaijan, Baku, July 13 / Trend /

The Royal Bank of Scotland (RBS), Sity bank and Deutsche bank will act as the organizers of the first issue of SOCAR Eurobonds.

These financial institutions organize issuing SOCAR's Eurobonds without commission, taking funds only for operating expenses.

The company said that SOCAR prepares for a road show for investors. It prepares a prospectus. A special center was established. The information on the main assets of the company is stored there. SOCAR's lawyers and banks-underwriters will conduct audit.

Eurobonds are planned to be issued in Europe and Asia. According to the current practice, U.S. investors can buy them through their offshore offices.

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.