SOCAR To Maintain Strong Financial Profile Until 2027, Says Fitch
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, August 9. Azerbaijan's state oil company SOCAR
will maintain a strong financial profile until 2027, Trend reports with
reference to Fitch Ratings.
Fitch analysts note that SOCAR's leverage has historically been
relatively high compared with its peer group, but has declined
since 2022.
“This reflects higher cash-flow generation due to higher oil and
gas prices. We expect that SOCAR will maintain a strong financial
profile over the forecast period until 2027 under Fitch's oil and
gas price deck, which supports the 'bb-' SCP. The SCP also takes
into account the moderate scale of operations and is constrained by
corporate governance considerations, with significant limitations
on the disclosure of information,” reads a report released by the
rating agency.
SOCAR is engaged in exploration of oil and gas fields, the
production, processing and transportation of oil, gas and gas
condensate, the sale of oil and petrochemicals in the domestic and
international markets, the supply of natural gas to industrial
enterprises and the population of Azerbaijan, as well as
Europe.
The company conducts various activities in countries such as
Türkiye, Georgia, Romania, Switzerland, Germany and Ukraine,
including trading activities mainly in Switzerland, Singapore and
Nigeria.
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