The State Oil Co. of Azerbaijan (SOCAR) is in the "final stages" of selling $500 million in Eurobonds, President Rovnag Abdullayev said Saturday, Bloomberg reported.
The company has mandated Citigroup Inc. and other "major" banks for the sale, Abdullayev said in an interview in Davos, Switzerland, where he is attending the World Economic Forum. He didn't name the other banks.
"We will be active in the capital markets," he said through a translator. "We are in the final stages of issuing the Eurobonds."
"In 2012, Socar and the State of Azerbaijan are planning to implement new projects," Abdullayev said without elaborating.
The international rating agencies Fitch Ratings and Moody's Investors Service have recently assigned a rating to the upcoming debut Eurobond to be issued by State Oil Company of the Azerbaijan Republic (SOCAR).