BAKU, Azerbaijan, June 26. Ne profit of Azerbaijan’s state oil company SOCAR from oil and gas segment stood at 5.410 billion manats in 2022, as compared to 2.631 billion manats in 2021, Trend reports.
As such, the company’s net profit from this sector more than doubled year-on-year.
SOCAR reported an increase in total oil and gas revenue from 7.921 billion manats to 11.032 billion manats, up by over 39 percent.
SOCAR’s overall net profit amounted to 9.42 billion manats, the highest level since 2008, 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.
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