In 2015 SOCAR Petroleum SA company, SOCAR’s daughter company in Romania, received a profit of 2 million Leev ($502,200 at the current rate), reported Romanian media.
SOCAR Petroleum SA received profit for the first time during six years of its operations.
“In 2015 SOCAR Petroleum SA had a profit from its operations in Romania for the first time after the losses from 2010 and 2014. In 2014 the company’s loss totaled 8.8 million Leev ($2.21 million), in 2015 profit totaled 2 million Leev ($502,215),” according to the data submitted by SOCAR Petroleum SA to the Romanian Ministry of Public Finances.
According to mass media, in 2015 the company’s turnover totaled 616.2 million Leev ($154.8 million), down 17% against 2014. This has been caused by reduction of world fuel prices.
By the end of 2015 SOCAR Petroleum SA numbered 408 employees.
SOCAR has been operating at the retail oil products market in Romania since 2011. Until now SOCAR has invested $71.3 million into building and expansion of its network of petrol stations in Romania. Currently total number of petrol stations under SOCAR brand name in Romania reached 34. SOCAR petrol stations have been operating in 16 Romania’s regions.—0--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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