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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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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