SOCAR and ASAN Service ink MoU and agreement on cooperation

Baku. 21 October. REPORT.AZ/ Today, the State Oil Company of Azerbaijan (SOCAR) signed a Memorandum of Understanding (MoU) with the Service ABAD and the agreement on joint cooperation in the field of training, a voluntary activity, the environment, safety, information technology, introduction of innovative technologies and social responsibility with the ASAN Service. 

Report informs, signing ceremony was attended by SOCAR President Rovnag Abdullayev, Chairman of the State Agency for public andsocial innovation under the President of the Republic of Azerbaijan, Inam Karimov, as well as representatives of the company and the ASAN Service.

Speaking at the event I.Kerimov noted the value of the new collaboration between the two brands.

In his speech, SOCAR President spoke about the progresses of last years achieved within the framework of the oil strategy, stating the role of SOCAR in these achievements. He said that the 68.2 bln USD invested in oil and gas sector of the country. Since 2007, working capital of company has doubled, total assets increased from 9 to 40 bln USD. According to him, over the past 7 years the annual yield of the company without the deduction of interest, tax, depreciation and amortization increased by 2-fold.

SOCAR president also noted that the ASAN service has played an important role in the successful implementation of the SOCAR project on bond issue.He also praised the role of the centers of a simplified support of the family business - ABAD, created within the ASAN Service.

Touching upon the importance of the cooperation agreement between SOCAR and ASAN Service, R. Abdullayev said that it provides for close and effective co-operation in all relevant areas.

Notably, documents signed by SOCAR President Rovnag Abdullayev and chairman of ASAN Service Inam Kerimov.At the end of the event a group of staff and volunteers of ASAN Service were awarded with diplomas and certificates for fruitful cooperation inagitation of SOCAR bonds.