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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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