Azernews.Az

By Gulgiz Dadashova

Azerbaijani state energy company SOCAR doubled profits from the operations it conducted in foreign countries last year.

In its report on the 2012 financial performance, the company said its revenues totalled 17.14 billion manats last year compared to over 8.13 billion manats in 2011.

SOCAR's profits received in 2012 in Azerbaijan amounted to 4.4 billion manats compared to 4.14 billion manats in 2011.

According to the report, the company's revenues as a result of operations in Turkey amounted to nearly 1.91 billion manats compared to 1.85 billion manats in 2011, while the volume of profits made as a result of operations in the United Arab Emirates amounted to about 6.6 billion manats compared to more than 1.32 billion manats in 2011.

In 2012, SOCAR for the first time received profit from its assets in Switzerland. Thus, SOCAR's revenues last year from operations in Switzerland amounted to 3.33 billion manats, while income from operations in neighboring Georgia - 626.64 million manats compared to 679.15 million manats in 2011.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in the domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan.

Three production divisions -- Azerneft (companies involved in production of oil and gas onshore and offshore), Azerkimya (chemical industry enterprises), and Azeriqaz (gas distribution), two oil refineries and one gas refinery, an oil tanker fleet, a deep water platform fabrication yard, two trusts, one institution, and 22 subdivisions are operating as corporate entities under SOCAR.

Joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR's participation are doing business in different sectors of the petroleum industry. SOCAR has representative offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazakhstan, Britain, Iran, Germany and Ukraine and trading companies in Switzerland, Singapore, Vietnam, Nigeria, and other countries.