OREANDA-NEWS. State Oil Company of Azerbaijan manages the sales of Azerbaijani oil in the international markets transparently and in full compliance with the international standards.

Major trading companies of the world participate in such weekly announced tenders. These tenders are verified by the international auditing companies. State Oil Company of Azerbaijan has successfully completed the adoption of International Accounting Standards as the first Company supporting the transparency initiative in the Republic of Azerbaijan, being the pioneer in the global Extractive Industries Transparency Initiative. All of the Company's consolidated statements were positively rated by the international audit companies.

At the same time, the company was positively rated by 3 prestigious international rating companies and the ratings are updated annually.

Therefore, SOCAR explores the efficiency, references from leading international banks and market participants regarding the winners in international tenders for oil sale. At the same time, financial statements on the financial state of the mentioned companies prepared by the international audit companies are required as well. After the detailed analysis of all information and documents, SOCAR signs agreements on co-operation and collaboration with those parties. SOCAR’s co-operation with Singaporean “Sumato Energy PTE Limited” concluded in late 2010.