The State Oil Company of Azerbaijan (SOCAR) in the I half-year 2016 made a net profit in the amount of AZN 550 million, the SOCAR Vice President on economic issues Suleyman Gasimov said at today's press conference.
“During the first half of 2016 the net profit of SOCAR amounted to AZN 550 million and we expect to be able to maintain this rate, and by the end of 2016 we will have a profit,” Gasimov said.
Turan recalls that the net loss of SOCAR amounted to 1 billion 785 million manat in 2015 compared with the net profit of 1 billion 274 million manat in 2014.
The average export price of Azeri oil by the end of 2015 was $ 54 per barrel and in the past year it dropped to $ 45. -12C--
Economics
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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