Baku, September 18 (AZERTAC). The prospects of economic cooperation with member companies of the Caspian European Integration Business Club were discussed at the meeting.

The State Oil Company of Azerbaijan Republic (SOCAR) has approved its financial strategy, SOCAR Vice President for Economic Affairs Suleyman Gasimov said at the meeting with the members of Caspian European Integration Business Club (CEIBC).

SOCAR Vice President spoke about the work that is carried out together with financial-credit institutions, about SOCAR`s experience in the field of crediting, and emphasized that credits taken earlier have been restructured and now all these funds are borrowed on more beneficial conditions.

"In particular, the credit organizations express their readiness to make big investments in projects of SOCAR. It points out to high rating of SOCAR," Gasimov said.

He also noted that three leading world rating agencies have awarded ratings to SOCAR so far.

Gasimov also spoke about the second Eurobond transaction tranche.

According to him, the State Oil Company is currently considering an opportunity of placement of the third tranche as well. Gasimov spoke about placement of registered securities at London Stock Exchange noting that the prospect of placement of securities in the domestic market is being considered.

SOCAR is engaged not only in production and supply of oil-gas resources to the market but also attaches great significance to education issues, Gasimov said.

He provided detailed information about the work that SOCAR has done since the previous meeting held with CEIBC member companies. Thus, according to the results of the last year meeting, it was possible to establish a cooperation of CEIBC companies, Gasimov noted. In particular, a major project concerning transformations in the field of payment for labour was implemented.

"Today, the system of transfer of financial resources is fully transparent. International anti-corruption standards were fully worked out and introduced to SOCAR," he added.

According to Gasimov, different standards were developed and optimized and SOCAR Department of Information Technologies and Communication prepares software for them.

The prospects of economic cooperation with member companies of the Caspian European Integration Business Club were also discussed at this meeting.

Gasimov highly evaluated the present initiative of CEIBC as such meetings promote maintenance of business-government dialogue, exchange of opinions, and discussion of proposals about prospects of development of new projects.

Addressing the session, Chief Executive Officer of the Caspian-European Integration Business Club (CEIBC) Telman Aliyev provided information about CEIBC. According to him, CEIBC was established in June 2002 in association with Caspian Energy International Media Group and under intensive support of largest oil and gas companies operating in the Caspian-Black Sea region.

Ilham Aliyev, President of the Republic of Azerbaijan, has been the chairman of CEIBC.

According to Telman Aliyev, CEIBC promotes attraction of oil sector revenues into development of the non-oil sector. CEIBC is operating in 50 countries worldwide, carrying out an active work in support of the dialogue between government agencies and the private sector.

SOCAR Vice President Suleyman Gasimov was presented CEIBC honorary membership certificate. New CEIBC member companies were also presented certificates.

The executives of companies and representatives of a number of diplomatic agencies accredited in Azerbaijan also participated in the meeting of CEIBC.