FITCH

SOCAR’s rating is equalised with that of Azerbaijan (BB+/Stable) under Fitch Ratings’ Government-Related Entities (GRE) Rating Criteria

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BLACKSEA-CASPIA

State Oil Company of the Azerbaijan Republic (SOCAR) is fully owned by the state and its rating is equalised with that of Azerbaijan (BB+/Stable) under Fitch Ratings’ Government-Related Entities (GRE) Rating Criteria. This is underpinned by state support provided to the company in the form of financial guarantees, cash contributions and equity injections, as well as SOCAR’s social functions and its importance as a state vehicle for the development of oil and gas projects.

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