Fitch Ratings assesses SOCAR’s ratings

Fitch Ratings assesses SOCAR’s ratings Fitch Ratings has affirmed State Oil Company of the Azerbaijan Republic’s (SOCAR) Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB-‘ and Short-term foreign currency IDR at ‘F3’ and senior unsecured rating at ‘BBB-‘. The Outlook on the Long-term IDR is Stable, Fitch press release says. SOCAR’s ratings incorporate state support as it is wholly state-owned, represents the state’s... Read More

Temporary Simplified Visa Regime Applied in Azerbaijan

Temporary Simplified Visa Regime Applied in Azerbaijan Azerbaijan started giving simplified visas to guests who will visit Eurovision-2012 from April 15, Ministry of Foreign Affairs (MFA) of Azerbaijan reported. Guests can get the visas from structures of Consulate Department of MFA locating in Azerbaijan’s international airports. The basis for getting visa is the invitation letter by Organization Committee of Eurovision, document affirming the accreditation in accordance... Read More

SOFAZ assets reached $32 billion

SOFAZ assets reached $32 billion The State Oil Fund of Azerbaijan (SOFAZ) had assets of $32,359.4m as of 1 April, 8.6% up on 1 January 2012, when they were $29.8bn. In the first quarter of 2012, SOFAZ received budget revenue of AZN 3,586,900,000 ($4.57bn) and spent AZN 1,919,900,000 ($2.44bn), APAreports. The Oil Fund, which began to purchase gold during the reporting period, now has 2.804 tonnes of gold (90,143 ounces). The bulk of the fund’s revenue – AZN 3,352,400,000... Read More