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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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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