SOCAR’s account payable to the banks totaled $6.3 billion or 9.4 billion AZN, said Suleyman Gasymov, SOCAR Vice President for Economic Affairs.
He added that SOCAR’s debt to the Azerbaijani banks reached 1,095 billion AZN.
He said that in 2015 SOCAR agreed to borrow 1.2 billion AZN for upgrade of the Heydar Aliyev oil refinery and another 600 million AZN for drilling of gas wells on the Bulla-Deni, Umid and Guneshli fields from the International Bank of Azerbaijan (IBA).
“These funds will be paid in tranches within five years. In 2015 we received a tranche worth 69 million AZN for upgrade of the oil refinery and 200 million AZN for drilling of the wells,” he added.
Gasymov said that during 2015 SOCAR’s assets totaled 39.9 billion AZN, up 3.1 times against 2008.
He said during 2015 the company’s incomes dropped by 18% against 2014 and totaled 33 billion AZN.
“We received the main income from sale of oil and oil products from the operations of SOCAR Trading and thus, reduction of world oil prices has led to reduction of the company’s incomes,” he added.
He said that right now the main part of SOCAR’s income – about 65% - comes from the local market of Azerbaijan.—0—
Economics
-
Azerbaijani President Ilham Aliyev signed a decree on Monday aimed at improving social welfare, increasing the country’s minimum monthly wage to 400 manats ($235) starting January 1, 2025.
-
Turkish companies YDA and ASFAT plan to build a shipyard near Kazakhstan's port of Kuryk to address the country's domestic fleet shortage, Kazakhstan's Minister of Transport Marat Karabaev announced on Monday during a parliamentary session. The project underscores Kazakhstan's ambitions to strengthen its maritime capabilities and logistics infrastructure.
-
Kazakhstan's Minister of Transport, Marat Karabayev, unveiled the country’s bold roadmap for transforming itself into a premier transport and logistics hub in Eurasia. Speaking in parliament on Monday, Karabayev detailed strategies to capture a share of the massive $1 trillion annual freight flows between the East-West and North-South corridors.
-
The ASCO-owned ferry "Shahdag," freshly refurbished, has resumed operations on the Azerbaijan-Kazakhstan route, aiming to alleviate severe truck congestion at ports on both sides of the Caspian Sea.
Leave a review