SOCAR ready to assist revitalization of Azerbaijani stock market
Azerbaijan, Baku, Dec. 30 / Trend E.Ismayilov /
Next year the State Oil Company of Azerbaijan (SOCAR) will finance some of its projects through funds received from placement of corporate bonds in the Azerbaijani securities market, the head of SOCAR Rovnag Abdullayev told journalists on Sunday.
He said the economic department of SOCAR is currently working on the project on corporate bond emission.
"This will also strengthen and revitalize the securities market of the country. The main purpose of the bond emission is to support the development of the stock market," Abdullayev said.
Earlier, SOCAR announced the emission of corporate bonds in the amount of 500 million manat. Emission of bonds is planned for the period of five years. The received funds will be directed to the development of promising structures and Umid condensate field.
The official exchange rate on December 30 is 0.7850 AZN / USD.