SOCAR works on profit outside of Azerbaijan despite international crisis: Head of SOCAR

Oil&Gas Materials 14 August 2009 13:13 (UTC +04:00)

Azerbaijan, Baku, Aug. 14 / Trend E.Ismayilov /

Investments of SOCAR (State Oil Company of Azerbaijan) in other countries are reimbursing despite continuing global financial and economic crisis, head of SOCAR, Rovnag Abdullayev said.

"Investments that SOCAR put before crisis are now reimbursing," Abdullayev said.

Particularly, Abdullayev mentioned the investments in Turkey and Georgia.

"The Turkish petrochemical complex Petkim, which is co-owned by SOCAR, works with high productivity. Particularly, company's income was $30 million in the first half of 2009. "Products that the company produces at night hours, are bought in the morning and do not lie at the warehouses [...] This pleases, because investments of Azerbaijan brings good results," Abdullayev added.

SOCAR/Turcas/Injaz/ Projects acquired 51% share of Petkim chemical concern at $2.04bln. Turkey currently imports 70-75% of the necessary chemical products, but SOCAR/Turcas/Injaz investments to development of Petkim enable to reduce import of products to 30%.

Petkim Petrokimya Holding is specialized in manufacturing plastic packages, fabric, detergents and is the sole producer of these goods in Turkey, exporting one fourth part of its output.

According to Abdullayev, SOCAR investments in Georgia are making profits. The company gets incomes from gas sales in the domestic market of Georgia, as well as the network of petrol stations operating all over Georgia, under the brand name of SOCAR.

SOCAR's activities in conditions of the global financial and economic crisis are stabilizing. Though the crisis made the company inject some corrections into some programs, the company realizes them, Abdullayev said.

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