![First time Azerbaijani company has losses in investment project](https://turan.az/resized/media/2016/main/072200163053-750-500-resize.webp)
First time Azerbaijani company has losses in investment project
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—
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- Economics
- 22 July 2016 18:20
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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