SOCAR launches anti-crisis program implementation: company head

Azerbaijan, Baku, March 7 / Trend , E. Ismayilov/

The State Oil Company of Azerbaijan (SOCAR) has launched implementation of the anti-crisis program, SOCAR President Rovnag Abdullayev said.

"We must cut unnecessary expenditures and optimize our activities so that we will not be obliged to take radical steps during the crisis,' Abdullayev said.

He said company tries to save in all fields. "I think we will be able to withstand this period [world financial and economic crisis]," Abdullayev said.

The anti-crisis program calls for savings and increase in oil and gas output, another SOCAR official said.

The SOCAR has launched a working group to design a special program on the backdrop of the global economic crisis

Company specialists have been instructed to restrict sales and purchases, minimize equipment and materials use and reduce social expenditures

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. SOCAR's divisions are also required to take part in tenders abroad for this purpose.  

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