Assets of AZFEN decline
Baku, Azerbaijan, Aug. 30
By Sara Israfilbayova - Trend:
Assets of the engineering and construction company AZFEN, a joint venture of Azerbaijan’s State Oil Company SOCAR and Turkey’s TEKFEN, amounted to 188.3 million manats in 2018, which is 3.1 percent less than the figure in the preceding year, Trend informs referring to the financial report of the company.
The report reads that the company’s revenue amounted to 101.62 million manats, which is 43 percent less than the figure for 2017.
AZFEN will be engaged in the construction and installation of a platform for drilling and oil production by order of BP for the Azeri-Chirag-Guneshli block of oil and gas fields in the Azerbaijani sector of the Caspian sea.
The project cost of the offshore platform of 17,000 tons is $486.3 million. The construction period is estimated at 38 months.
AZFEN was established by SOCAR (60 percent) and TEKFEN (40 percent) in 1996.
The main goal of the company is the implementation of construction and engineering work for oil companies.
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