SOCAR establishes new company

By Azernews

By Nigar Abbasova

Azerbaijan’s energy major SOCAR established a new SOCAR CAPITAL Company, which will operate in the capital market of the country.  

The company passed state registration on August 29, the Taxes Ministry reported.  Authorized capital of the company stands at 3 million manats ($ 1.72 million).

The official founder of the company is Samir Karimov, while Suleyman Gasimov, Vagif Aliyev, Eldar Orujov and Rovnag Abdullayev are members of the Supervisory Board of SOCAR CAPITAL.

SOCAR earlier issued bonds for the domestic market of the country, which rapidly gained high level of market uptake.

The company earlier announced its plans to implement the second issuance of bonds in 2017, while the interest rate on the second emission is expected to be set at a level below five percent. Moreover, the company also doesn’t exclude the possibility of issuing bonds in the country’s national currency – the manat in the future.

SOCAR is involved in extraction, exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, as well as oil and chemical products in domestic and international markets, and supplying natural gas to the industry and the public in Azerbaijan.