Azerbaijan’s state oil company SOCAR completed 2017 with profit, the company’s Vice-President for Economic Issues Suleyman Gasimov said, according to a message posted on SOCAR’s website Jan. 19.
In 2017, SOCAR transferred more than 155.98 million manats to the State Social Protection Fund (SSPF) under Azerbaijan’s Ministry of Labor and Social Protection of Population, which is 8 percent more than in 2016.
The increase in SOCAR transfers to the state budget and the State Social Protection Fund is one of the indicators of the company’s stable financial position, says the message.
Gasimov noted that SOCAR has continued to expand and diversify its operational portfolio in recent years, moving forward in the strategic direction defined by President Ilham Aliyev.
“The international projects that we are implementing, and investments put within the country and abroad have had a positive impact on the company’s financial results and have created favorable conditions for stable and growing transfers to the state budget,” he said.
Gasimov noted that SOCAR has balanced its sources of income and expanded its activities in the petrochemical and oil refining industries.
“Against the background of a sharp decline in oil prices in recent years, less volatility in prices for petrochemical products has had a positive impact on the company’s revenues. As a result, SOCAR overcame the crisis in the global energy industry and was able to complete 2016 and 2017 with profit,” added Gasimov.