Azerbaijan, Baku, Feb. 4/ Trend , I. Khalilova/
The State Oil Company of the Azerbaijan Republic (SOCAR) launched a working group to design a special program on the backdrop of the global economic crisis, SOCAR said.
"Company specialists have been instructed to restrict sales and purchases, minimize equipment and materials use and reduce social expenditures," SOCAR said.
SOCAR's authorized capital stock increased by 600 million manat via governmental funds to ensure the company's financial stability.
"A number of governmental agencies and large industrial enterprises have debts to SOCAR," a company source said. "The company's chief aim is to ensure these debts are paid."
SOCAR said the anti-crisis measures will include accelerating nanotechnology research. Investment activities must also be improved and only viable partners will be selected for international projects. .
On Feb. 4, the official exchange rate is 0,8071 manat to $1.
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