SOCAR assets reach 40 bln AZN

Baku. 2 June. REPORT.AZ/ Consolidated assets of the State Oil Company of Azerbaijan Republic (SOCAR), at the beginning of 2016 amounted to 39.083 billion AZN.

Report informs, Vice President of SOCAR on economic issues Suleyman Gasimov said at XXIII International Caspian Oil and Gas Conference in Baku.

S. Gasimov noted that although there was a loss in the amount of 1,438 bln USD in company's financial performance as of January 1, 2016, the company earned 3,271 bln AZN in positive exchange rate.

Despite in 2015 there was a decline in the price of petroleum products on world market in general, we ended the year with profit.

Despite the drop in oil prices more than twice since 2014, forecasts by international finance agencies and investment banks that prices will not rise by 2018, SOCAR continues implementation of all internal and external projects", S. Gasimov added.