The investments of SOCAR (State Oil Company of Azerbaijan) in projects will amount to about 1 billion manats (AZN) in 2015, SOCAR vice president of economic issues Suleyman Gasimov told reporters Apr.15.
The official exchange rate for April 15 is 1.0511 AZN / USD.
“Investments will be made in the projects of SOCAR, implemented in Azerbaijan,” Gasimov said. “In particular, these tools are designed to perform the work on drilling of new wells, construction of platforms, laying gas pipelines, gasification work. This is done in order to maintain oil and gas production at a stable level.”
He said that the assets of SOCAR exceeded 24 billion manats as of January 1, 2015.
Gasimov went on to add that the annual income of SOCAR amounted to 40 billion manats, profit – 1.1 billion manats.
SOCAR includes production associations Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical industry enterprises) and Azerigaz.
The company also has a number of processing enterprises, service enterprises, and institutions involved in geophysical and drilling operations.
SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries on its balance sheet, and also owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. SOCAR is the co-owner of the largest Turkish petrochemical complex, Petkim, and other assets in Turkey. The company is also currently working as part of the supply of Azerbaijan’s gas to Europe.
In this regard, work is underway within the second phase of development of the Shah Deniz gas and condensate field, to expand the South Caucasus Pipeline, and projects are being developed to construct the Trans Anatolian Natural Gas Pipeline (TANAP) and the Trans Adriatic Pipeline (TAP).
