The State Oil Company of Azerbaijan (SOCAR) will not wind down its investments and continue to raise capital in spite of fall in the world oil prices.
According to Suleyman Gasimov, SOCAR Vice-President for Economic Issues, the company plans to issue bonds denominated in foreign currency (Eurobonds).
"Investors in the market show large interest for SOCAR’s Eurobonds. From our part we have already started preparations for the new issue and sent appropriate information to the banks. We plan to issue Eurobonds with 15 year turnover period,” Gasimov says.
In his words, issue volume has not been specified yet, as the decision on the issue is still to be made.
So far the Company has placed two bond issues: for $0.5 bn with 5 year turnover period and for $1 bn with 10 year turnover period.
ANN.Az
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