SOCAR oil revenues increase by over 2 times in 2013
Baku, Azerbaijan, July 11
By Emil Ismayilov - Trend:
As of 2013, the revenues of the State Oil Company of Azerbaijan from the sale of oil amounted to 25.32 billion AZN compared to about 10.13 billion AZN in 2012, the consolidated report of the financial performance of SOCAR in 2013 said.
The report on financial performance was audited by Ernst & Young.
The oil revenues from the sale of oil are specified after a 30 percent tax from the price margin between the world market price of oil and the domestic price regulated by the state.
As of 2013, total revenues of SOCAR amounted to 38.43 billion AZN compared to 17.14 billion AZN in 2012.
Some 8.95 billion AZN out of the total revenue (3.32 billion AZN in 2012) accounted for revenues from the sale of oil and 1.85 billion AZN (2.03 billion AZN in 2012) - for petrochemical products, the report said.
As the report noted, SOCAR received revenue in the amount of $1.4 billion AZN from the sale of oil in 2013 (AZN 1.12 billion in 2012), and 909 million AZN accounted for other income of SOCAR (558 million AZN - in 2012).
SOCAR includes Azneft (production association of companies producing oil and gas on land and sea), Azerkimya (production association of chemical industry enterprises) and Azerigaz (production association of gas distribution enterprises). SOCAR also include a number of processing enterprises, service enterprises, institutions involved in geophysical and drilling operations.
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, Ukraine, Romania, and Switzerland.
SOCAR is co-owner of the Turkish largest "Petkim" petrochemical complex.
The official exchange rate is 8 July is 0.7844 AZN / USD.
Edited by CN