SOCAR’s oil revenues decrease in 2014

Oil&Gas Materials 30 June 2015 19:41 (UTC +04:00)

Baku, Azerbaijan, June 30

By Maksim Tsurkov - Trend:

The revenues of the State Oil Company of Azerbaijan (SOCAR) from the sale of oil totaled 22.44 billion Azerbaijani manats as of 2014, compared to nearly 25.32 billion manats as of 2013, said the consolidated financial statement of SOCAR for 2014, posted on the company's website.

Ernst&Young audited the financial statement.

The official exchange rate on June 30 is 1.0483 AZN/USD.

SOCAR's total revenues were 39.67 billion manats as of 2014, compared to 38.43 billion manats in 2013.

Of the total volume of revenues, 12.66 billion manats (8.95 billion manats in 2013) accounted for the sale of petroleum products, while 1.69 billion manats (1.85 billion manats in 2013) accounted for the petrochemical products, according to the report.

SOCAR received 1.52 billion manats from the gas sale in 2014, compared to 1.42 billion manats in 2013, the report said. The other revenues of the State Oil Company totaled 1.36 billion manats in 2014, compared to 898 million manats in 2013.

SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries and filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. SOCAR is the co-owner of the largest Turkish petrochemical complex, Petkim, and other assets in Turkey.

The company includes production associations Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical industry enterprises) and Azerigaz.

It also has a number of processing enterprises, service enterprises, and institutions involved in geophysical and drilling operations.

Edited by CN

Follow the author on Twitter: @MaksimTsurkov