In 2016 net loss of State Oil Company of Azerbaijan (SOCAR) totaled 1,785,000,000 AZN against net profit of 1,274,000,000 AZN in 2014. This data is included into the company’s financial report for year 2015.
In 2015 SOCAR’s income totaled 33,103,000,000 AZN (decline by 16.6%).
In 2015 the company’s profit from the operation activities totaled 1,287,000,000 AZN (decline by 28.5%).
In 2015 allocation of profit tax to the state budget of Azerbaijan totaled 201 million AZN (dropped by 2.3 times).
In 2015 SOCAR’s assets increased by 66% up to 39,954,000,000 AZN. In 2015 the company’s long-term assets increased by 59.7% up to 25,990,000,000 AZN, while short-term assets increased by 79.1% up to 13,964,000,000 AZN.
In 2015 SOCAR’s capital increased by 32.5% up to 14,648,000,000 AZN. The company’s authorized capital is equal to 1,423,000,000 AZN (decline by 4.9%), while total undistributed profit – 6,191,000,000 AZN (decline by 25.8%).
In 2015 the company’s commitments increased by 1.9 times up to 25,306,000,000 AZN. By early this year SOCAR’s long-term commitments totaled 15,059,000,000 AZN (growth by 2.5 times) , while current commitments – 10,247,000,000 AZN (growth by 48.7%).—0-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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