SOCAR reached record EBITDA in 2022

Economy Materials 3 June 2023 05:33 (UTC +04:00)
Asmar Bayramova
Asmar Bayramova
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BAKU, Azerbaijan, June 3. The State Oil Company of the Republic of Azerbaijan (SOCAR) achieved a record EBITDA in 2022 thanks to the reforms that are being carried out in all state-owned companies of Azerbaijan, Former U.S. Ambassador to Azerbaijan, member of the Board of Directors of Linden Energy Matthew Bryza told Trend on the sidelines of the first Caspian International Transport and Logistics Forum.

"The focus of state-owned companies is to maximize the return on investment for people and the country as a whole, which requires much greater transparency and key performance indicators (KPIs)," he said.

According to him, SOCAR is managed in the same way any successful company in the world is managed, which testifies to the compliance of SOCAR standards with world standards.

EBITDA is an indicator equal to the volume of profit before the deduction of interest, taxes, depreciation, and amortization.

The first Caspian International Transport and Logistics Forum started its work in the Baku Congress Center today.

For the first time, the organized forum takes place within the framework of the 20th anniversary of the Caspian International Exhibition of Transport, Translogistica Caspian Transit and Logistics, which takes place in Azerbaijan from May 31 to June 2.