The fall in world oil prices below $ 40 has forced SOCAR to switch to saving mode. The SOCAR President signed an order to preserve financial stability and optimize the costs.
As the press service of SOCAR said, its entities are tasked "not to the detriment of technological processes" to revise the cost estimates, staff positions, and direct financial resources to the most highly profitable areas.
It is also ordered to draw up a list of hazardous production facilities, the insurance of which is advisable.
SOCAR has also limited the funding of socially-oriented facilities, sponsorship and charity activities. It is introduced saving transport and communication costs, the procurement of office supplies and other expenses.
The company has limited holding of exhibitions, conferences, symposia and their financing. The terms of foreign travels are controlled.
Also, the company has enhanced control over the procurement of goods, works and services to ensure the continuity of the process of production, transportation and processing of oil and gas.
From January 1, 2016 there will be fundamental changes in the provision of operations of the SOCAR missions. -03D-
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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