SOCAR buys rating from S&P agency

SOCAR tries to buy rating at Standard & Poor’s agency. Presentation was held at SOCAR in connection with the giving a rating by the S&P international agency. SOCAR officials, as well as head of London office of S&P Simon Redmond, director general of Moscow bureau Yelena Anankina and other persons participated in the meeting.

SOCAR president Rovnag Abdullayev said the company closely cooperated with the international rating agencies during the recent years, reminded ratings given by Fitch Ratings in 2009 and Moody agency in 2010, noted these ratings would be better year-by-year. Abdullayev expressed hope that after the acquaintance with SOCAR, representatives of Standard & Poor’s agency would give an appropriate rating to the company.

Company president said that SOCAR played an important role in Azerbaijan’s economy and country’s socio-economic life. At the same time, it was noted that, though SOCAR was state company, it operates as a commercial organization.

Nevertheless, Abdullayev touched upon state’s continuous support to the company, spoke about SOCAR’s activity, recent success, large-scale international projects, especially investment projects implemented in foreign countries.

“Azerbaijan became one of the main participants in maintenance of Europe’s energy supply. From this viewpoint, SOCAR represented Azerbaijan in the realized regional projects. SOCAR mainly prefers more risk-free and profitable projects” he added. Moreover, Abdullayev spoke about forthcoming projects, development perspectives of SOCAR.

Thereafter, a presentation reflecting SOCAR’s structure, subsidiaries, production indicators, the projects attended by the company was held for the S&P representatives. The questions of the agency representatives were responded by Rovnag Abdullayev, vice-presidents and heads of appropriate offices.


/APA/