In 2015 profit of State Oil Company of Azerbaijan (SOCAR) was estimated at 3,271,000,000 AZN (about $3.1 billion), Suleyman Gasymov, SOCAR Vice President for Economic Affairs, said at the Caspian Oil & Gas 2016 conference.
He said in 2015 SOCAR’s loss totaled 1,043,500,000 AZN. However, last year SOCAR’s profit was 3,271,000,000 AZN at the expense of re-evaluation of the company’s assets in foreign currency (in 2014 – 3,830,000,000 AZN or $4.9 billion).
By the end of the years SOCAR’s assets totaled 39,083,000,000 AZN, Gasymov said.
He also said that in 2016 the company is hoping to save 336.8 million AZN at the expense of implementation of the program of optimization of expenses.
Gasymov added that cost price of oil and gas extraction of the company dropped by 13%. He did not call cost price of hydrocarbons, however. SOCAR’s report for 2014 indicates that cost price of 1 ton of oil is 91.63 AZN, while of 1000 cub.m. of gas – 37.19 AZN.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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