SOCAR decides on Eurobonds plans
Azerbaijan, Baku, Oct. 5 / Trend , E.Ismayilov /
SOCAR may issue Eurobonds by late 2011, President Rovnag Abdullayev told reporters on Wednesday.
"SOCAR does not a big need in the issue of Eurobonds from a financial point of view. It is necessary for the company's international image," Abdullayev said.
The Royal Bank of Scotland (RBS), City bank and Deutsche bank will act as the organizers of the first issue of SOCAR Eurobonds.
The first issue is expected to reach $500 million.
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.
The company 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.
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 Azeri-Chirag-Guneshli oil and gas fields and Shah Deniz gas condensate field in the Caspian Sea.