SOCAR Announces 2006 Income

Azerbaijan, Baku /corr. Trend S.Aliyev / The State Oil Company of Azerbaijan (SOCAR) completed 2006 with revenue in the amount of AZN 1445.3 mln (nearly $1.7bln), an increase of AZN 249.8 from 2005, stated the 2006 report from SOCAR. In 2005 revenue amounted to AZN 1195.5 mln.

As a result of 2006, SOCAR departments completed the year in profit, including Azneft Production Unit (PU) - AZN 38.6 mln, Geology and Geophysics Department - AZN 2.3 mln, Trade Department - AZN 2.9 mln, Informatics Department - AZN 418,400 and Ecology Department - AZN 11600.

In 2006 SOCAR transferred AZN 189.1 mln more than in 2005 to the State budget which in 2005 amounted to AZN 545 mln. In 2006 AZN 734.1 mln was transferred to the State budget.

As of 1 January 2007, the budget debts of SOCAR amounted to AZN 346 mln.

In 2006 AZN 52.1 was transferred to the State Social Protection Fund and AZN 30.3 mln in 2005.

In 2006 SOCAR's income increased by nearly AZN 939.3 mln and amounted to AZN 3676.1 mln against AZN 2736.7 mln in 2005.

Expenditure also increased. It increased by AZN 1055.6 mln and amounted to AZN 3673.3 mln compared to the last year.

Expenditure on raw materials in 2006 amounted to AZN 380.7 mln (2005 - AZN 331.6 mln), purchase of import gas - AZN 414.6 mln (an increase of AZN 151.5 from 2005), purchase of main means - AZN 89.9 mln (in 2005 - AZN 26.1 mln), transfers to joint ventures for raw oil - AZN 251.4 mln (in 2005 AZN 146.7 mln).

As of 1 January 2007, notes payable amounted to AZN 7189.6 mln and creditor debts - AZN 4915 mln, except internal debts - AZN 3127.4 mln and AZN 802.9 mln.

In 2006 the debts of Azerenergy JSC amounted to AZN 1328.5 mln, Azergaz JSC - AZN 653.6 mln, Azerkimya State Company - AZN 33.4 mln and State Concern "AZAL" - AZN 144.3 mln.