BAKU, Azerbaijan, December 4. Revenues of Azerbaijan’s state oil company SOCAR from sale and distribution in the United Arab Emirates (UAE) stood at 1.320 billion manat in the first half of 2023, as compared to 907 million manat in the same period in 2022, Trend reports with reference to the data released by the Central Bank.
As such, the mentioned revenues rose by 45.5 percent year-on-year.
Moreover, SOCAR got 41 million manat worth revenue from oilfield services in the UAE in 1H2023, compared to 40 million manat in the same period in 2022.
The table below shows the company’s revenues from operations in other countries:
|
Country |
Revenues in 2023 |
Revenues in 2022 |
Change in % |
|
Switzerland |
30.833 billion manat |
39.417 billion manat |
-21.8 |
|
Azerbaijan |
4.296 billion manat |
5.059 billion manat |
-15 |
|
Türkiye |
3.739 billion manat |
12.838 billion manat |
-70.1 |
|
Georgia |
900 million manat |
860 million manat |
4.65 |
|
Other |
1.052 billion manat |
1.207 billion manat |
-12.8 |
SOCAR operates across diverse sectors, including oil and gas field exploration, extraction of oil, gas, and gas condensate, processing, and transportation. The company is actively involved in the distribution of oil and petrochemical products in both domestic and international markets. Notably, SOCAR plays a pivotal role in supplying natural gas to industrial enterprises and the general population of Azerbaijan, extending its services to Europe as well.
In addition to its operations in Azerbaijan, SOCAR is engaged in various international ventures in countries such as Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine. Furthermore, the company conducts significant trading operations primarily based in Switzerland, Singapore, and Nigeria.
Follow the author on X: @Lyaman_Zeyn