Socar`s assets top $21.6bn
Assets of Azerbaijan`s state oil company Socar amount to 17 billion manats (over $21.6 billion), Socar Vice-President Suleyman Gasymov has said.
The company`s net profit amounted to 879 million manats (over $1.11 billion) in 2011, he told a forum on building a new oil and gas refining and petrochemical complex in Azerbaijan last week.
Transition to international financial reporting standards since 2008 allowed the company to receive ratings from international rating agencies (Fitch Ratings - ÂÂÂ-/stable, Moody`s - Ba1/stable, and S&P - BB + / stable).
``This increased the company`s ability to attract funds from foreign banks to finance projects both in Azerbaijan and abroad,`` Gasymov said.
The Socar vice-president said another step in this direction was the issue of Eurobonds in early 2012. Some 299 shareholders offered $4.6 billion for the securities issued by the company in the amount of $500 million, he said.
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