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10:44 24 May
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SOCAR to increase oil output 4.7% this year – Fitch


SOCAR’s lending level will increase in 2017. The expenditures for projects realized by the Southern Gas Corridor will be funded by SOCAR’s reserves and financial assistance of the government in the amount of AZN 500 million in 2017-2018, Maxim Edelson, Senior Director of Natural Resources and Commodities at Fitch Ratings said at the 6th annual conference.

 

“If SOCAR’s financial situation faces pressure, then we’ll have to reassess the links between SOCAR and government. In case the government provides capital support more than forecasted AZN 500 million, SOCAR’s leverage ratio may reduce”, he said.

 

Edelson added that Fitch forecasts SOCAR will increase oil output 4.7% this year.

 

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