Baku, Azerbaijan, Oct. 15
By Maksim Tsurkov - Trend:
Currently, the consolidated debt of SOCAR (State Oil Company of Azerbaijan) is about $6.9 billion, Suleyman Gasimov, SOCAR vice president on economic issues, told journalists on Oct. 15.
He said that SOCAR managed to reduce the debt worth $1 billion during August-September 2015.
"During this period, we reduced the debt on loans from $7.9 billion to $6.9 billion," Gasimov said.
As of early 2015, some $ 1.5 billion of the debts accounts for the bonds. About $1 billion accounts for SOCAR Trading's short-term debt for purchase - sale of oil from the third countries. Some $1 billion debt accounts for the projects in Turkey. The company owes some $1 billion to the State Oil Fund of Azerbaijan (SOFAZ), as well as on the loans for the purchase of a share in the project of development of the Azeri-Chirag-Guneshli block of oil and gas fields, as well as on the construction of Baku Shipyard.
SOCAR includes Azneft (companies producing oil and gas on land and sea), Azerkimya (chemical industry) and Azerigas (gas distribution) production associations.
Moreover, SOCAR has a number of processing and service enterprises, as well as institutions involved in geophysical and drilling activities.
SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia and the Ukraine. Last year SOCAR purchase network of gas filling stations in Switzerland. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. The company carries out oil trade in various regions of the world through SOCAR Trading.
At present, the company is currently working as part of the Azerbaijani gas supply to Europe. The work is underway as part of the second phase of development of Shah Deniz offshore gas condensate field, the expansion of the South Caucasus gas pipeline. The construction projects of the Trans-Anatolian gas pipeline (TAP) and the Trans-Adriatic (TANAP) gas pipeline are being worked out.
Edited by CN
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