Azerbaijan, Baku, Feb. 4/ Trend , I. Khalilova/
The State Oil Company of Azerbaijan (Socar) has launched a working group to design a special program on the backdrop of the economic crisis, the Socar said.
"The company's specialists have been instructed to restrict sale and purchase operations, to save in use of equipment and materials and reduce social expenditures," the Socar said.
Socar's authorized capital stock was increased 600 million manat through government's funds to maintain company's financial stability.
"A number of governmental agencies and large industrial enterprises have debts to the Socar," a source in the Socar said. "The company's chief aim is to ensure payment of these debts."
The Socar says the anti-crisis measures will include accelerating scientific and research work and steps in the sector of nanotechnologies. Furthermore, investment activity must be improved and only solvent partners must be selected in international projects. Socar's divisions are also required to take part in tenders abroad for this purpose.
"Addressing these problems will enable to overcome world economic crisis with small losses," the Socar said.
On Feb. 4, the official exchange rate is 0,8071 manat to $1.
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