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
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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