SOCAR announces revenues volume from activities in foreign countries

Economy Materials 1 July 2016 15:10 (UTC +04:00)

Baku, Azerbaijan, July 1

By Maksim Tsurkov – Trend:

Revenues of Azerbaijan’s state oil company SOCAR in 2015 from activities in Switzerland amounted to 23.85 billion manats compared to 31 billion manats (AZN) in 2014, according to the consolidated report on SOCAR financial activities in 2015 audited by the Ernst & Young UK company and published July 1 on its website.

The official exchange rate on July 1 is 1.5425 AZN/USD.

In late June 2012, the US Exxon Mobil multinational oil and gas corporation handed over the assets of its Esso Switzerland company to SOCAR management. The total value of assets acquired by SOCAR in Switzerland amounted to $330 million.

With the acquisition of Esso Switzerland, the SOCAR company received a retail network, the company’s division engaged in fuel marketing for industry and wholesale clients (division sells household fuel and gas cylinders to independent distributors throughout Switzerland).

SOCAR also got Wangen-Olten gas filling plant, gas filling stations and joint enterprises engaged in refueling of aircraft at airports of Geneva and Zurich, as well as the Swiss company on ensuring and distribution, which controls joint ventures managing terminals and pipelines.

Revenues of SOCAR obtained in 2015 in Azerbaijan amounted to 4.63 billion manats compared to 4.68 billion manats in 2014.

SOCAR revenues from the activities in Turkey in 2015 amounted to 2.57 billion manats compared to 2.2 billion mantas in 2014, from the activities in the United Arab Emirates - 948 million manats compared to 691 million manats in 2014, from the activities in Georgia - 748 million manats compared to 680 million manats in 2014, according to the report.

SOCAR revenues from activities in other countries amounted to 360 million manats in 2015 against 419 million manats in 2014.

In total, SOCAR revenues in 2015 amounted to 33.1 billion manats compared to 39.67 billion manats in 2014.

SOCAR includes production unions "Azneft" (enterprises on oil and gas extraction on land and sea), "Azerikimya" (enterprises of chemical industry) and "Azerigaz" (gas distribution).

The State Oil Company is the only producer of oil products in the country, and also has petroleum stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

SOCAR is the co-owner of the biggest Turkish petrochemical complex "Petkim".