SOCAR unveils details of financial, economic operations in 2020 [PHOTO]

23 November 2020 13:42 (UTC+04:00)

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By Ayya Lmahamad

An online meeting on the results of financial and economic activities of the State Oil Company of the Azerbaijani Republic (SOCAR) for nine months of 2020 was held under the chairmanship of the company’s president Rovnag Abdullayev, the company has reported.

During the meeting, the company’s president noted that the reported period was difficult for all major oil and gas companies due to the global pandemic, emphasizing the need for SOCAR to achieve maximum efficiency.

Moreover, SOCAR Vice President for Economic Affairs Suleyman Gasimov presented the report on the economic performance for nine months.

For the past nine months, the company’s revenues from sales of the manufactured products (excluding pure commercial operations) amounted to AZN 4.1 billion ($2.4bn), of which AZN 2.8 billion ($1.6bn) account for the domestic market and AZN 1.3 billion ($764.7M) account for foreign markets. In addition, revenues from the production and service activities of the company decreased by AZN 863.7 million ($508M) or by 17 percent, compared to the corresponding period of 2019.

Furthermore, it was noted that revenues from the export of the refining sector and petrochemical products increased, while the decrease in revenues was observed in the export of crude oil and domestic sales of petroleum products.

Likewise, he underlined that as a result of the optimization measures, the company’s expenses were reduced by AZN 1.3 billion ($764.7M) compared to the forecast.

Additionally, summing up the meeting, Abdullayev noted as a result of reforms, the sustainability of the company will increase.

Earlier it was reported that SOCAR produced 6.1 billion cubic meters of gas and 6.2 million tons of oil and condensate during the first ten months of the year. In addition, 1.2 million tons of oil, including condensate, were exported by the company during the reporting period.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. The company owns two refineries in Azerbaijan, one in Turkey, as well as networks of petrol stations in Azerbaijan, Turkey, Georgia, Romania and Switzerland.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad