The State Oil Company of Azerbaijan Republic (SOCAR) may receive its credit raiting after the company brings accountings into conformity with international standards, Rovnak Abdullayev, the president of SOCAR, told Trend . However, irrespective of the absence of credit rating, SOCAR has gained confidence from abroad and receives credits.
By the July 1, 2007, SOCAR should get ready for transferring accountings and financial statement to the international standards. Distinct from other public organizations, such period is defined for SOCAR for approbation to the test regime. At present, the employees of SOCAR receive trainings in the sphere of accounting prepared by the Ministry of Finance in accordance with the international standards.
Besides, within the technical support from the World Bank, the accountants of SOCAR are provided with assistance.
According to the list confirmed by the Cabinet of Ministers, 20 public organizations should start to bring the accountings and financial statements into conformity with the international standards. Among them, there are: SOCAR, Azerenerji, Barmek Azerbaijan, Azercell department of SOCAR on pipelines and marketing and economical operations, Azneft, Oil Refinery named after Heydar Aliyev, Azneftyag, Azerbaijan State Railway Department, Bakmetropaliten, AZAL and its national air companies, Karspar, Azerigas, Azerigasnag, Azersu, Aztelecom, Azerkimya and its ethylene- polyethylene plant.