The State Oil Company of the Azerbaijani Republic (SOCAR) is a major exporter, tax-payer and employer, Trend reports.
Standard & Poor’s published a report on the creditworthiness of Gazprom, KazMunaygaz (KMG) and SOCAR on Tuesday. SOCAR has the special support of the government. SOCAR, Gazprom and KMG are the key organizations in the economic, social and political goals of their governments. SOCAR is the basic state instrument in the petroleum sector.
Standard & Poor’s says that creditworthiness of SOCAR will depend on realization of the high-scale program for capital investment in modernization of the refining and petrochemical complexes of Azerbaijan and construction of pipelines.
SOCAR consists of Azneft (oil and gas extraction at sea and on land), Azerkimya (chemical industry) and Azerigaz (gas distribution). It has two refineries and gas stations in Azerbaijan, Georgia, Ukraine and Romania. SOCAR is the co-owner of the Petkim petrochemical complex. Its SOCAR Trading branch sells oil to other regions of the world.
