The State Oil Company of Azerbaijan (SOCAR) has received an initial BBB rating for 2024 from MSCI, a leading international rating agency in the field of Environmental, Social, and Governance (ESG) criteria, Azernews reports.

This rating reflects SOCAR's progress in areas such as carbon emissions reduction, waste management, public relations, biodiversity, health and safety, as well as governance and transparency.

SOCAR stands out as the first energy company in the Caspian region to attain this rating, which positions it higher than many national oil companies in terms of ESG performance. The rating is a product of intensive efforts to enhance and implement environmental and social policies, reinforcing SOCAR's commitment to sustainable development.

In addition to its ESG achievements, SOCAR has noted favorable changes in its credit ratings, which are crucial for financing ongoing projects. This year, Fitch upgraded SOCAR’s long-term credit rating from "BB+/positive" to "BBB-/stable," classifying it as investment grade. Moreover, a rating upgrade from "Ba1/stable" to "Ba1/positive" was issued by another rating agency, while Standard and Poor's affirmed SOCAR's "BB-/stable" rating.

Disclaimer on MSCI ESG Rating: The MSCI preliminary ESG rating is not a credit rating or equity research report and is intended for informational purposes only. It may be subject to change and withdrawal, and it does not constitute an investment recommendation. For further details, refer to the limitations and provisions at MSCI Legal.