SOCAR discloses volume of capital investments
Baku, Azerbaijan, Sept. 26
By Maksim Tsurkov – Trend:
The actual capital investments of Azerbaijan’s state oil company SOCAR amounted to about 774.82 million manat in 2016 compared to 967.56 million manat in 2015, SOCAR said in its report on economic activity as of 2016, posted on the company’s website.
According to the report, the actual capital investments amounted to 57.7 percent of the planned volume.
In 2016, SOCAR invested 196.06 million manat in drilling (219.66 million manat in 2015), 476.6 million manat - in construction (649.02 million manat in 2015), 81.74 million - in equipment without installation (82.78 million manat in 2015), 20.42 million manat - in exploration (16.1 million manat in 2015).
SOCAR’s total assets as of 2016 amounted to 53.01 billion manat compared to about 39.95 billion in 2015.
The company’s total capital as of 2016 amounted to 17.7 billion manat compared to 14.65 billion manat in 2015.
SOCAR’s authorized capital was 1.8 billion manat in 2016 compared to 1.42 billion manat in 2015.
SOCAR includes companies producing oil and gas onshore and offshore, as well as the Azneft production association, the Azerkimya, which includes chemical industry enterprises, and the Azerigaz, which distributes produced gas in Azerbaijan.
The company also includes oil and gas processing plants, service companies, and institutions for geophysical and drilling operations.
Currently, SOCAR is the sole producer of petroleum products in the country, and operates more than 400 filling stations in Switzerland, Georgia, Romania and Ukraine.
(1.7008 manats = $1 as of Sept. 26)