Baku, Azerbaijan, July 6
By Maksim Tsurkov – Trend:
The Azerbaijani state oil company’s (SOCAR) revenues from the sale of oil reached 29.61 billion manats as of 2016 compared to 14.45 billion manats as of 2015, said a consolidated financial statement for 2016 posted on SOCAR's website.
The consolidated financial statement was audited by Ernst & Young LLP.
According to the consolidated financial statement, the revenues obtained from the sale of oil are indicated with the deduction of the related tax (30 percent) of the price margin between the oil price on the global market and the internal price regulated by the state.
SOCAR’s total revenues reached 51.905 billion manats as of 2016 compared to 33.1 billion manats in 2015, the consolidated financial statement said.
Some 11.76 billion manats of the total volume of revenues accounted for the sale of oil products in 2016 compared to 11.39 billion manats in 2015, while 2.64 billion manats accounted for the petrochemical products in 2016 compared to 1.835 billion manats in 2015, said the statement.
SOCAR received 1.95 billion manats from the gas sale in 2016 compared to 1.68 billion manats in 2015.
According to the consolidated financial statement, SOCAR’s other revenues totaled 5.94 billion manats in 2016 compared to 3.74 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).
SOCAR is the sole petroleum products producer in Azerbaijan owning over 370 filling stations in Georgia, Ukraine, Romania and Switzerland. It is also a co-owner of the largest Turkish petrochemical complex Petkim.
(1.7022 AZN = 1 USD on July 6)
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