Azerbaijan’s SOCAR more than quadruples assets over 10 years
Baku, Azerbaijan, Sept. 19
By Kamala Mammadli – Trend:
Over the past 10 years, the assets of the state oil company SOCAR have more than quadrupled, as stated by the President of Azerbaijan’s state-owned oil company SOCAR Rovnag Abdullayev, Trend reports referring to official media.
According to him, the total amount of cash and cash equivalents has increased by almost 9 times.
Abdullayev said that the company's turnover over this period was increased by more than 26 times. Most of the revenue was received outside of Azerbaijan.
He also noted that SOCAR is Turkey’s largest foreign investor.
"The Star oil refinery, which was built last year, helped boost the company's business in Turkey," he added.
The $6.3-billion Star Refinery was opened in Turkey’s Izmir on October 19, 2018. The design capacity of the plant is 10 million tons, and SOCAR acts as the main supplier of raw materials for the refinery.
Follow the author on Twitter: @kamala_mammadli