Baku, Fineko/abc.az. The State Oil Company of Azerbaijan (SOCAR) has changed the plans of its access to world capital markets with its debt securities.
SOCAR president Rovnag Abdullayev says that they have not a need in issue of bonds.
“A bonds is a kind of debt. Today we have not need in debts. But if gas or other our investment programs demand financing, then we can apply for finances through bonds. Financial institutions are ready for that, but we try to work with minimum accumulation of debts,” Abdullayev said.
Earlier it was expected that SOCAR, whose international rating is equal to sovereign rating of Azerbaijan, would issue bonds for $200-500 million in 2008-10. For comparison, in 2009 Company’s tax payments to State Budget of Azerbaijan totaled AZN 1.46 bn manats (approx. $1.825 bn).
02.02.2010 18:06
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