SOCAR Trading activity has dramatically increased revenues of SOCAR

Income of SOCAR in 2013 amounted to 38 billion 433 million manat, which is 2.2 times higher than in 2012. This was reported in the consolidated financial statements of SOCAR in 2013.

According to these data, SOCAR revenues from oil sales in 2013 increased compared to 2012 by 2.5 times - up to 25 billion 319 million manats.

Over the past year the proceeds from the sale of petroleum products amounted to 8 billion 951 million manats (growth by 2.7 times).

In 2013 SOCAR earned 1 billion 854 million manats (down 8.7%) from the sale of petrochemical products.

SOCAR revenues from gas sales in 2013 increased compared to 2012 by 26.4% - to 1.4 billion manat.

Other income amounted to 909 million (an increase of 62.9%).

Why would such a growth happen in the revenues of SOCAR? After all, the company's profit has not changed - by the end of 2013 it was $ 977 million versus $ 955 million in 2012. The report indicates that the income of 33.077 billion manats was formed from marketing activities (sale of petroleum and petroleum products). In the same report for 2012 revenues from this activity amounted to 11.796 bn. That is for a year the State Oil Company increased its income from marketing activities by 2.8 times.

However, the audited report shows that by the end 2013 earnings of SOCAR in Switzerland amounted to 30.687 billion manat compared to 3.332 billion manat. I.e. income in only one country increased more than 9 times.

This could only come from:

a) expansion of the company SOCAR Trading (turnover);

b) from 1 July 2013 the company Esso Switzerland owned by the American ExxonMobil came under full legal control of SOCAR Trading.

On the other hand, income of SOCAR in the same segment of the business in the United Arab Emirates (UAE) declined 26.7 times, amounting to just 246 million manats. -12A -

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