SOCAR discloses revenues from activity in foreign countries

Oil&Gas Materials 6 July 2017 21:04

Baku, Azerbaijan, July 6

By Maksim Tsurkov – Trend:

Revenues of Azerbaijan’s state oil company SOCAR in 2016 from activity in Switzerland amounted to 40.44 billion manats compared to 23.85 billion manats in 2015, according to the consolidated report on SOCAR financial activities in 2016 audited by the Ernst & Young UK company and published on its website.

In late June 2012, the US Exxon Mobil multinational oil and gas corporation handed over the assets of its Esso Switzerland company to SOCAR management. The total value of assets acquired by SOCAR in Switzerland amounted to $330 million.

With the acquisition of Esso Switzerland, the SOCAR company received a retail network, the company’s division engaged in fuel marketing for industry and wholesale clients (division sells household fuel and gas cylinders to independent distributors throughout Switzerland).

SOCAR also got Wangen-Olten gas filling plant, gas filling stations and joint enterprises engaged in refueling of aircraft at airports of Geneva and Zurich, as well as the Swiss company on ensuring and distribution, which controls joint ventures managing terminals and pipelines.

SOCAR revenues from the activity in Turkey in 2016 amounted to 3.48 billion manats compared to 2.57 billion manats in 2015, from the activity in the United Arab Emirates – 1.16 billion manats compared to 948 million manats in 2015, from the activity in Georgia – 1.05 billion manats compared to 748 million manats in 2015, according to the report.

SOCAR revenues from activity in other countries amounted to 615 million manats in 2016 compared to 360 million manats in 2015.

In total, SOCAR revenues in 2016 amounted to 5.17 billion manats compared to 4.63 billion manats in 2015.

Revenues of SOCAR obtained in 2016 in Azerbaijan amounted to 51.905 billion manats compared to 33.1 billion manats in 2015.

SOCAR includes production unions "Azneft" (enterprises on oil and gas extraction on land and sea), "Azerikimya" (enterprises of chemical industry) and "Azerigaz" (gas distribution).

The State Oil Company is the only producer of oil products in the country, and also has petroleum stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

SOCAR is the co-owner of the biggest Turkish petrochemical complex "Petkim".

(1.7022 AZN = 1 USD on July 6)


Follow the author on Twitter: @MaksimTsurkov