Azerbaijan, Baku / Trend corr U. Ismayilova / State Oil Company of Azerbaijan Republic (SOCAR) has planed to take the services of City Bank for receiving a rating enabling SOCAR to issue Eurobonds, the Vice-President on Economic Issues of SOCAR, Suleyman Gasymov , has reported.
City Bank is a consultant from the Azerbaijani Government on the involvement of the second rating agency, which is Moody`s Investors.
SOCAR has intentions to turn to international standards for financial accountancy from the 1st of January, 2008. An agreement was signed for this purpose with PriceWaterhouse Coopers.
"This does not mean that from the 1st of January, 2008 we will introduce the new standards. Primarily, we must turn to SOCAR indexes for 2007 to meet international standards," he said.
According to Gasymov , after the introduction of the standards, SOCAR will have to hold an audit to be issued a rating.