SOCAR’s manat assets increase in 2016

Oil&Gas Materials 9 July 2017 15:53

Baku, Azerbaijan, July 9

By Maksim Tsurkov – Trend:

The Azerbaijani state oil company’s (SOCAR) total assets reached 53.01 billion manats as of 2016 compared to around 39.95 billion manats as of 2015, said a consolidated financial statement for 2016 posted on SOCAR's website.

The statement was audited by Ernst & Young LLP.

According to the statement, 20.555 billion manats account for the current assets, while 32.45 billion manats - long-term assets.

SOCAR’s total capital amounted to 17.7 billion manats in 2016 compared to 14.65 billion manats in 2015. SOCAR’s authorized capital amounted to 1.8 billion manats compared to 1.62 billion manats in 2015.

According to the statement, 4.16 billion manats accounted for cash and cash equivalents compared to 4.88 billion manats in 2015, while 8.62 billion manats - the accounts receivable compared to 6.15 billion manats in 2015.

Thus, 20.12 billion manats accounted for SOCAR’s fixed assets compared to 17.24 billion manats in 2015, investments in joint ventures reached 4.555 billion manats, investments in SOCAR’s enterprises amounted to 4.44 billion manats, according to the statement.

SOCAR’s long-term liabilities amounted to 16.93 billion manats compared to 15.06 billion manats in 2015, the statement said.

According to the statement, SOCAR’s current liabilities amounted to 18.37 billion manats in 2016 compared to 10.25 billion manats in 2015. SOCAR’s liabilities amounted to 9.66 billion manats compared to 6.25 billion manats in 2015.

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 Azerigaz (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.