Losses of SOCAR Trading, which is the trading house of SOCAR, from shutdown of Samir oil refinery in Mohammediya city of Morocco will total $9 million, reads the report of SOCAR Trading.
Reuters reported that the oil refinery’s debts to Morocco’s tax agencies exceeded $1.3 billion and total amount of debt reached $4.5 billion and for this reason the court decided to shut down the plant.
“Considering partial compensation of resources at the expense of insurance, SOCAR Trading estimated the net loss at $9 million,” reads the report.
Samir oil refinery, part of products of which has been sold by SOCAR Trading, is controlled by Corral Holdings company, which holds 62.26% shares. SOCAR Trading has expanded its presence in Africa in 2015 by buying 20% share in the Benin company Octogone Stockage de Produits Petroliers, which specializes in storage of products.
SOCAR Trading also plans to expand its presence in Angola through STL Oil & Gas SA company, in which it controls 49% shares and which is already present at the markets in Nigeria and Egypt.—0—
Economics
-
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.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
-
The Supreme Eurasian Economic Council of the Eurasian Economic Union (EAEU) convened today, December 26, 2024, at a summit highlighting the evolving dynamics of regional cooperation and the complex interplay of geopolitical interests among EAEU member states. The meeting, held in Saint Petersburg, brought together the leaders of the EAEU countries to discuss a robust agenda that could shape the bloc's trajectory in 2025 and beyond.
-
The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
Leave a review