Profit of companies jointly controlled with SOCAR increases by 2.6 times

Profit of companies jointly controlled with SOCAR increases by 2.6 times

Azerbaijan, Baku, July 31 /Trend E.Ismayilov/

Total assets of 18 companies controlled jointly with State Oil Company of Azerbaijan (SOCAR), amounted to about 560.77 million manat at the end of 2010 compared to 382.71 million manat at the end of 2010, SOCAR said.

These figures are for the following companies (including SOCAR's interest in percentage and the country of registration):

Azeri Fugro (60 per cent, Azerbaijan), Azeri MI Drilling Fluids (51 per cent, Azerbaijan), AzFen (60 per cent, Azerbaijan), Azgerneft (40 per cent, Azerbaijan), Azturqaz (50 per cent, Azerbaijan), Bosshelf LLC (50 percent, Azerbaijan), Carlina Overseas Corp. (51 per cent, Virgin Islands (UK), Caspian Shipyard Company (20 per cent, Azerbaijan), Ekol Muhendislik Xidmetleri (51 per cent, Azerbaijan), Oil and Gas Proservice (30 per cent, Azerbaijan), Sarmatia (25 per cent, Poland), SOCAR AQŞ (51 per cent, Azerbaijan), SOCAR Baghlan LLC (51 per cent, Azerbaijan), SOCAR CAPE (51 per cent, Azerbaijan), SOCAR - KPŞ (50 per cent, Azerbaijan), CJSC "Socar Petroleum" (51 percent, and Azerbaijan), SOCAR -UGE (97 per cent, Azerbaijan), SOCAR Umid (80 percent, and Azerbaijan).

Long-term business assets amounted to 497.13 million manat in 2011 compared to 382.21 million manat in 2010.

Current liabilities of enterprises exceeded 582.75 million manat during the reporting period compared to 305.8 million manat in 2010. Some 164.82 million manat accounts for the long-term liabilities in 2011 compared to about 318.74 million manat in 2010.

Revenues of the companies amounted to about 826.1 million manat in 2011 compared to 595.79 million manat in 2010. In turn, the total profit of enterprises amounted to 92.48 million manat compared to 35.73 million at the end of 2010.

SOCAR includes production association Azneft (companies producing oil and gas on land and sea), Production Association Azerkimya (chemical industry), production association Azerigas (gas distribution).

SOCAR is the only producer of oil products in the country having two oil refineries and also owns gas stations in Azerbaijan, Georgia, Ukraine and Romania. It bought a large network of filling stations in Switzerland last year. SOCAR is also a co-owner of the largest Turkish petrochemical complex Petkim.

Official exchange rate on July 30 is 0.7856 AZN/USD

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