SOCAR increases revenues from oil sales
Baku, Azerbaijan, June 14
By Ilkin Shafiyev - Trend:
Revenues of Azerbaijan’s state oil company SOCAR from oil sales amounted to 56.59 billion manats in 2017 (29.61 billion manats in 2016), reads the company’s consolidated financial statements report by Ernst & Young (EY) international audit company June 14.
Revenues from oil sales are indicated with deduction of the relevant tax (30 percent) from the price margin arising between the global oil market price and the domestic price regulated by the state.
SOCAR’s aggregate revenues amounted to 92.6 billion manats in 2017 (51.91 billion manats in 2016).
The report noted that 24.8 billion manats in 2017 (11.69 billion manats in 2016) accounted for revenues from the sale of oil products, while 3.88 billion manats in 2017 (2.64 billion manats in 2016) accounted for revenues from the sale of petrochemical products.
SOCAR received revenues worth 2.67 billion manats from the sale of gas in 2017 (1.99 billion manats in 2016), while other revenues of SOCAR amounted to 4.62 billion manats in 2017 (5.97 billion manats in 2016).
SOCAR includes such production unions as Azneft (enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies and the facilities involved in geophysical and drilling operations.
(1.7 manats = 1 USD on June 14)
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