Baku, Azerbaijan, July 1
By Maksim Tsurkov – Trend:
The Azerbaijani state oil company’s (SOCAR) revenues from the sale of oil reached 14.82 billion manats as of 2015 compared to 22.44 billion manats as of 2014, said a consolidated financial statement for 2015 posted on SOCAR's website July 1.
The consolidated financial statement was audited by Ernst & Young LLP.
The official exchange rate is 1.5425 AZN/USD July 1.
According to the consolidated financial statement, the revenues obtained from the sale of oil are indicated with the deduction of the related tax (30 percent) of the price margin between the oil price on the global market and the internal price regulated by the state.
SOCAR’s total revenues reached 33.1 billion manats as of 2015 compared to 39.67 billion manats in 2014, the consolidated financial statement said.
Some 11.74 billion manats of the total volume of revenues accounted for the sale of oil products compared to 12.66 billion manats in 2014, while 1.84 billion manats accounted for the petrochemical products compared to 1.67 billion manats in 2014, said the statement.
SOCAR received 1.78 billion manats from the gas sale in 2015 compared to 1.51 billion manats in 2014.
According to the consolidated financial statement, SOCAR’s other revenues totaled 2.94 billion manats in 2015 compared to 1.37 billion manats in 2014.
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.