Fitch Ratings has affirmed State Oil Company of the Azerbaijan Republic's (SOCAR) Long-term foreign currency Issuer Default Rating (IDR) at 'BBB-', Short-term foreign currency IDR at 'F3' and senior unsecured rating at 'BBB-'. The Outlook on the Long-term IDR is Stable, reads Fitch Agency.
SOCAR's ratings, Azerbaijan's ('BBB-'/Stable) wholly state-owned national oil company, are aligned with the sovereign's at the current level. SOCAR is an integrated second-tier oil company operating mature brownfields with about 250 thousands barrels of oil equivalent per day (mboepd) hydrocarbon production in 2012 and a number of downstream, chemical and retail assets and pipelines.
SOCAR controls Petkim, Turkey's only chemical producer, and is currently constructing the 10m ton a year STAR refinery in Turkey. It is also a party to several production-sharing agreements (PSAs) and receives some volumes of oil, natural gas and gas condensate under PSAs. -0--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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