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SOCAR subsidiary in Romania reveals income volume

6 June 2016 18:16 (UTC+04:00)
SOCAR subsidiary in Romania reveals income volume

By Nigar Abbasova

SOCAR petroleum SA, which is a subsidiary company of Azerbaijan’s oil giant SOCAR in Romania, revealed the amount of income for 2015--$502,420.

The company has completed the fiscal year with profit for the first time since the opening of the first gas filling station in Romania in 2011.

The trade turnover of SOCAR petroleum SA in 2015 amounted to $154, 8 million which is 17 percent lower in comparison to the rates shown in 2014. Nevertheless the company managed to reach an increase which amounted to --$502,420. The turnover decrease is closely connected with the slide in oil prices while the income is associated with the growth of profitability in the distribution segment, which becomes apparent in the terms of the low oil prices.

SOCAR established its first gas-filling station in Romania in 2011 when it was introduced in the country by the SOCAR Petroleum SA. Currently the number of gas filling stations in Romania amounts to 33.

Romania and Azerbaijan also cooperate in the implementation of AGRI energy project which is aimed at diversifying the energy supply sources of the European Union and involves the transport of Azerbaijani natural gas to Romania and into Central Europe.

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

The company invests billions of dollars annually in transportation’s infrastructures and is involved in projects designed to increase Europe's energy security through diversification of natural gas.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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