Baku, Azerbaijan, July 4
By Maksim Tsurkov – Trend:
As of January 1, 2016, Azerbaijan’s state oil company (SOCAR) has placed 543 million manats as deposits in three Azerbaijani banks, said a consolidated financial statement for 2015 posted on SOCAR’s website.
The statement was audited by Ernst & Young LLP.
The official exchange rate is 1.5425 AZN/USD July 4.
According to the statement, some 461 million manats out of 543 million manats have been placed in the International Bank of Azerbaijan, 32 million manats - in Xalq Bank and 50 million manats - in Pasha Bank.
According to the statement, the interest rates on the deposits in the reporting period amounted to Libor +70, Libor +3 and Libor +6, respectively.
The initial term of demand deposit covers up to three months, the statement said.
SOCAR includes Azneft (a production association of enterprises that produce oil and gas on land and sea), Azerkimya (a production association of chemical industry enterprises) and Azerigas (deals with distribution of gas in the country).
The company also includes a number of processing and service enterprises, and institutions involved in geophysical and drilling operations. SOCAR is the sole petroleum products producer in Azerbaijan with two oil refineries, and also owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. It is also a co-owner of the largest Turkish petrochemical complex Petkim.
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