SOCAR’s Trust ups construction and assembly work

Oil&Gas Materials 21 May 2012 17:56 (UTC +04:00)

Azerbaijan, Baku, May 21 / Trend, E.Ismayilov /

In the first quarter the Oil and Gas Construction Trust of the State Oil Company of Azerbaijan (SOCAR) carried out construction work in the amount of more than 66.4 million manat, which is 7.3 percent more than the same period of last year, head of the Trust, Mirkazim Abbasov's article published by the Respublika newspaper yesterday says.

He said thorough construction work during this period hit more than $46.5 million manat, which is 5.5 percent more than the same period of last year.

Major repair work carried out by the Trust in the first quarter hit about $20 million manat, or 12.6 percent more than in January-March 2011.

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.

SOCAR includes the Azneft production association (the companies producing oil and gas on and offshore), the Azerkimya industrial association (chemical enterprises) and Azerigaz industrial association (gas distribution).

The official exchange rate is 0.7858 manat to $1 on May 21.