In 2013 incomes of State Oil Company of Azerbaijan (SOCAR) totaled 38,433,000,000 AZN, up 2.2 times against 2012, reads SOCAR’s consolidated financial report for year 2013.
According to this information, in 2013 SOCAR’s incomes from oil sales increased by 2.5 times against 2012 up to 25,319,000,000 AZN.
During last year incomes from oil products sale totaled 8,951,000,000 AZN (growth by 2.7 times).
During 2013 SOCAR made 1,854,000,000 AZN on sale of petrochemical products (decline by 8.7%).
In 2013 SOCAR’s income from gas sales increased by 26.4% against 2012 up to 1.4 billion AZN.
SOCAR’s other incomes totaled 909 million AZN (growth by 62.9%).
Why did SOCAR’s incomes grow? The company’s profit has actually not changed – during 2013 it totaled $977 million against $955 million in 2012. The report reads that SOCAR’s incomes worth 33,077,000,000 AZN were formed from the marketing activities (oil and oil products sales). In the report for year 2012 SOCAR’s income from these activities totaled 11,796,000,000 AZN. This means that during a year SOCAR has increased its incomes from marketing activities by 2.8 times.
However, the audited report reads that during 2013 SOCAR’s incomes in Switzerland totaled 30,687,000,000 AZN against 3,332,000,000 AZN. This means that incomes in only one country increased by more than 9 times.
This could have happened only at the expense of
a) expansion of trade turnover of SOCAR Trading company’s activities;
b) increase of SOCAR Trading assets (from July 1, 2013 Esso Switzerland passed under its juridical control).
On the other hand, SOCAR’s incomes in the same field in the United Arab Emirates decreased by 26.7 times and totaled only 246 million AZN. This means that SOCAR has carried almost all the transactions through its Swiss daughter company.