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SOCAR to invest over $950 million in energy projects

15 April 2015 16:23 (UTC+04:00)
SOCAR to invest over $950 million in energy projects

By Gulgiz Dadashova

Azerbaijan’s energy giant SOCAR will invest about 1 billion manats ($950,065 million) in energy projects in 2015, SOCAR Vice President Suleyman Gasimov told reporters in Baku on April 15.

SOCAR not seriously affected by falling crude prices as the company uses most of its oil domestically, he said adding that the company assets exceeded 24 billion manats as of January 1, 2015.

Gasimov said the annual income of SOCAR amounted to 40 billion manats, profit - 1.1 billion manats in 2014, noting that the company’s large projects not affected by lower oil prices.

The official added that SOCAR’s consolidated debt as of January 1 hit $7 billion.

SOCAR is fully owned by the state of Azerbaijan, largest oil producer in former Soviet Union after Russia and Kazakhstan. The company has two oil refineries on its balance sheet, and also owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

The company also has a number of processing enterprises, service enterprises, and institutions involved in geophysical and drilling operations.


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