BAKU, Azerbaijan, June 25. Net profit of Azerbaijan’s state oil company SOCAR amounted to 9.42 billion manats, the highest level since 2008, Trend reports.
Its profit margin rose from 11.4 percent to 12.3 percent. The company’s revenue grew by 53.8 percent in 2022 compared to 2021 and stood at 119.23 billion manats.
The increase was driven by more efficient management and integrated operation of enterprises, the added value created by digital energy technologies, as well as higher prices of oil, gas and petrochemical products in the world market.
SOCAR is engaged in exploration of oil and gas fields, the production, processing and transportation of oil, gas and gas condensate, the sale of oil and petrochemicals in the domestic and international markets, the supply of natural gas to industrial enterprises and the population of Azerbaijan, as well as Europe.
The company conducts various activities in countries such as Türkiye, Georgia, Romania, Switzerland, Germany and Ukraine, including trading activities mainly in Switzerland, Singapore and Nigeria.
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