Azerbaijan’s SOCAR places $750 million of bonds

Proceeds from the 15-year bonds were used to pay off SOCAR’s debts and finance new projects, Abdullayev told reporters in Baku, the Azeri capital.

Abdullayev said SOCAR was the "first in Europe” to place 15-year bonds.

"It was reflective of investor confidence in the company,” he said.

It was the third bond sale by SOCAR so far.

Abdullayev said SOCAR will borrow 1 billion manat from Azerbaijan’s Central Bank to finance construction of an oil and gas processing and petrochemical complex in Baku.