Low oil prices did not significantly affect SOCAR’s incomes, SOCAR Vice President for Economic Affairs Suleyman Gasymov said at the Caspian European Club session in Baku.
He said SOCAR delivers majority of its oil to the local market.
“We deliver 72% of extracted oil to the local market and 28% is exported. Oil is mainly delivered for refining to satisfy demands of the local market. The oil products and gas prices in Azerbaijan are regulated by the state,” Gasymov said.
Since mid-2014 oil prices at the world markets went down as twice. Despite such a reduction of prices, SOCAR did not suspend funding of the projects.
He added that funding of the trans-Anadolu gas pipeline project has been accelerated. “SOCAR has faced no problems with the project funding,” Gasymov said.
He said SOCAR’s other foreign projects do not require high costs. “The costs are included into SOCAR’s budget of expenditures for fiscal year 2015 and in time we will be able to fund these projects as well,” he added.