SOCAR Decides to Save on Everything

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-