Azerenerji's debt to SOCAR shrinks

Baku. 7 July. REPORT.AZ/ Earlier this year, deadline of SOCAR's trade receivables in the amount of 1.632 bln AZN is over.

Report informs, shows consolidated financial statement of the company in accordance with International Financial Reporting Standards 2016. It was audited by Ernst & Young (EY).

$ 254 mln AZN of the amount accounted for overdue receivables from "Azerenerji" OJSC. The debt of Azerenerji in 2015 was 312 mln AZN.

“The management believes that amount of the receivables is not impaired and will be collected at the appropriate time. SOCAR keeps letters of credit worth 3 mln. AZN”, document reads.

1-30 days passed from debts in the amount of 950 mln. AZN, 1-3 months from debts in amount of 192 mln. AZN and more than three months from debts of 490 mln. AZN.

Notably, SOCAR sells natural gas and residual oil to "Azerenerji" OJSC.