Ernst & Young completes audit on SOCAR’s activity

Oil&Gas Materials 24 September 2012 18:09 (UTC +04:00)

Azerbaijan, Baku, Sept. 24 / Trend A. Akhundov /

Ernst & Young will finalize its audit of SOCAR's activity in late September, SOCAR VP Suleyman Gasimov told Trend on Friday.

"The auditing company will prepare an audit report following the first half till late September," Gasimov said.

He said that the report will be submitted to the banks, investors within the obligations to issue Eurobonds.

SOCAR's total assets as of 2011 amounted to about 16.96 billion manat compared to about 15.68 billion manat in 2010.

According to the report, SOCAR's total capital in 2011 was about 9.25 billion manat compared to 8.16 billion manat in 2010. In this case, SOCAR's authorized capital increased last year by 1.7 times from 632.7 million manat to 1.059.3 billion manat.

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 Sept. 24 is 0.7853 AZN/USD.