11:14 - 15.09.2026

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September 15, Fineko/abc.az. Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) and senior unsecured rating of the State Oil Company of the Republic of Azerbaijan (SOCAR) at 'BBB-' with a Stable Outlook. Concurrently, Fitch upgraded SOCAR’s Standalone Credit Profile (SCP) to 'bb' from 'bb-', reflecting improved leverage metrics and strengthened financial flexibility.

SOCAR’s rating remains equalized with Azerbaijan’s sovereign rating ('BBB-'/Stable), supported by strong state backing, equity injections, and its critical strategic role in executing national energy projects.

EBITDA & Financial Metrics: Driven by the full consolidation of the Southern Gas Corridor (SGC) and the STAR Refinery, SOCAR’s EBITDA reached 9.3 billion AZN ($5.47 billion) in 2025 and is projected to rise to 12 billion AZN ($7.06 billion) in 2026, keeping net leverage low at around 1.0x.

Upstream Operations: To offset crude production declines observed through mid-2026, SOCAR ramped up drilling activity by 33% in Q2 2026. Growth catalysts include the $3 billion (5.1 billion AZN) Shah Deniz development stage and Phase 2 of the Absheron gas field.

Strategic Acquisitions: The acquisition of Italy’s Italiana Petroli S.p.A. (IP) using internal funds was rated favorably for downstream integration and geographic diversification.