Azerbaijan's state oil company SOCAR expects 0.5% annual growth in production until 2025, and Fitch Ratings upgraded its rating to 'BBB-'.
Azerbaijan's state oil company SOCAR is expected to see an annual 0.5% growth in production from 2023-2025, with stable output at 286k boe/d. Fitch Ratings upgraded SOCAR's IDR and senior unsecured rating to 'BBB-' from 'BB+', citing state support, financial guarantees, and key roles in significant energy projects. SOCAR's strong financial profile is predicted to continue until 2027, with improved cash flow due to higher oil and gas prices, and moderate scale of operations.
August 09, 2024
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