SOCAR Signs Contract with PricewaterhouseCoopers

Oil&Gas Materials 22 May 2007 19:24 (UTC +04:00)

Azerbaijan, Baku / Trend / The State Oil Company of Azerbaijan Republic (SOCAR) have concluded a new agreement with PricewaterhouseCoopers within the frameworks of the project on the introduction of international business accounting to SOCAR. The company will offer consulting services and will develop and apply corresponding software.

The agreement provides for the development of necessary methodology, courses for employees and consolidated finance accounting corresponding to international standards of business accounting.

As a result, SOCAR will turn to international standards of business accounting on 1 January, 2008. SOCAR keeps on with the activities on introduction of the standards and its experts have already completed and submitted to the Finance Ministry the Azerbaijani translated variants of 11 business accounting standards.

The experts have trained in large local and foreign companies. Moreover, in compliance with the agreement signed with PricewaterhouseCoopers the accounting system was analyzed, the accounting policy was developed, and an accounting register was established.