SOCAR’s capital expenditures will remain high until 2018 when large pipeline projects and the STAR refinery in Turkey are completed, Fitch Ratings reported.
‘Further build-up of gross debt should, however, be limited owing to higher oil prices and expected increase in government subsidies to AZN 1.9 billion in 2018’, the agency said.
According to the agency, following the completion of large pipeline projects and the STAR refinery in 2018, the company's capital expenditures to decrease to around AZN 2 billion in 2019-2020 from AZN 4.3 billion in 2017.
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