SOCAR to gain additional 400 million AZN due to optimization measures

Baku. 27 April. REPORT.AZ/ The State Oil Company of Azerbaijan Republic (SOCAR) carries out optimization works.

Report informs, SOCAR Vice-President for Economic issues Suleyman Gasimov said: 'Sufficient funds have been saved due to the business optimization, cost reduction, proper production planning, application of information technologies in the several unions, offices in the framework of joint cooperation with 'Ernst & Young' company.

S.Gasimov noted that as a result of initial measures, reduction of the company's costs to 350-400 million AZN and increase savings is expected during this year and the next two years.

SOCAR official said that totally 705 measures have been developed in 9 offices of the company.

'According to last year results, average monthly wage in SOCAR made about 857 AZN in total. Taking into consideration inflation and devaluation, SOCAR has decided to increase wages of its employees by 10% from April 1, 2016', S.Gasimov said.

SOCAR Vice-President noted that the company ended last year with zero profit. Fall in oil prices in the world market and devaluation of AZN caused more than 1 billion AZN damage to the company in 2015. However, increase of value of foreign currency assets in the analogical amount equivalent to AZN caused SOCAR to end last year with zero net profit.