BAKU, Azerbaijan, December 4. In the first six months of 2023, Azerbaijan's state oil company SOCAR generated revenues of 25.421 billion manat from the sale and distribution of crude oil within the agreements signed with clients, Trend reports.
This marks a decrease from the 34.136 billion manat reported for the same period in 2022, according to data released by the Central Bank, indicating a year-on-year decline of 25.5 percent.
During the first half of 2023, revenues from the sale of oil and petrochemical products amounted to 9.144 billion manat and 2.007 billion manat, respectively. This compares to 9.445 billion manat and 3.683 billion manat for the corresponding period in 2022.
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.
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