SOCAR forms its budget for 2017
By Nigar Abbasova
Azerbaijan’s state energy giant SOCAR is currently engaged in the formation of its budget for the next year. SOCAR’s head Rovnag Abdullayev said that the budget will be created given the price of oil at $40 per barrel.
The previous budget of the company was based on oil prices standing at the level of $50 per barrel.
Abdullayev said that he does not posses any information on the level of average oil price that will be used as a basis for the estimation of the state budget, emphasizing that it is the issue of the Finance Ministry and the company has not presented any proposals to the authority in this regard.
Total assets of the company amounted to 39.95 billion manats ($ 24.23 billion) as of late 2015 as compared to the rate of 24.07 billion manats ($ 14.60 billion) in 2014.
SOCAR’s aggregate capital stood at 14.65 billion manats ($ 8.8 billion) compared the rate of 11.06 billion ($6.70 billion) in 2014.
The company transferred some 788.85 million manats ($ 481.30) to the state budget in January to July 2016. The payments to the budget decreased by 9.77 percent as compared the same period last year.
Abdullayev earlier said that total capital of the company had almost doubled since 2007.
Being a sole manufacturer of oil products in the country, the company operates more than 370 refueling stations in Switzerland, Georgia, Romania and Ukraine. Moreover, SOCAR is co-owner of the largest Turkish petrochemical complex Petkim.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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