SOCAR switches to strict saving regime: its representations to volunteer

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socar-pFrom January 1, 2016 majority of SOCAR’s representations will be supplied by other SOCAR’s divisions on the voluntary basis to reduce the costs.

            In order to ensure favorable economic situation, hosting and funding of the exhibitions, conferences, symposiums, seminars, training and other similar events will be limited and control over term of business trips and composition of the delegations visiting foreign countries will be strengthened, reads the decree of President of State Oil Company of Azerbaijan (SOCAR) issued on December 15, 2015, which envisages optimization of SOCAR’s costs.

            The decree reads that gradual decline of oil prices at the world markets below $40.00 per barrel has made it necessary to take certain measures to preserve financial stability of SOCAR.

            The key issue is revision of estimate cost of costs and incomes of SOCAR’s subdivisions without causing damage to their technological operations and directing finances to the areas demanding lower costs, but bringing more profit.

            In order to improve the system of risk management, SOCAR’s subdivisions have been instructed to work out the map of project risks based on the list of risks of SOCAR’s wide-scale investment projects.

The decree also reflects the events aimed at limitation of the social projects, sponsor and charitable activities, limitation of financial aid, reduction of costs for transportation, communication and purchase of office goods.

The decree also envisages the events aimed at reduction of costs for the services, reduction of the production losses and improving efficiency of the purchase-sale operations.

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