Azerbaijan’s SOCAR increases authorized capital

Oil&Gas Materials 4 July 2016 17:57 (UTC +04:00)

Baku, Azerbaijan, July 4

By Maksim Tsurkov – Trend:

Azerbaijan’s state oil company SOCAR increased its authorized capital by 12.8 percent in May 2016, said a consolidated financial statement for 2015 posted on SOCAR's website.

The statement was audited by Ernst & Young LLP.

The statement says that SOCAR’s authorized capital increased by 207 million Azerbaijani manats, while as of Jan.1, 2016, it totaled 1.617 billion manats.

The official exchange rate is 1.5425 AZN/USD July 4.

“Currently, SOCAR’s authorized capital amounted to 1.824 billion manats,” says the financial statement. “The decision about the increase is related to investment operations conducted by Azerbaijan.”

SOCAR includes Azneft (a production association of enterprises that produce oil and gas on land and sea), Azerkimya (a production association of chemical industry enterprises) and Azerigas (deals with distribution of gas in the country).

The company also includes a number of processing and service enterprises, and institutions involved in geophysical and drilling operations.

SOCAR is the sole petroleum products producer in Azerbaijan with two oil refineries, and also owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. It is also a co-owner of the largest Turkish petrochemical complex Petkim.