TODAY.AZ / Business

SOCAR's total assets jump

01 July 2015 [15:48] - TODAY.AZ

/By AzerNews/

By Aynur Karimova

The total assets of Azerbaijan's state energy giant SOCAR amounted to 24.07 billion manats in 2014, up from a total of about 23.05 billion manats in the previous year.

This was noted in a comprehensive report on the financial activity of SOCAR for 2014, posted on the company's official website. The report was audited by Ernst & Young.

According to the report, SOCAR’s short-term assets amounted to 7.8 billion manats, while its long-term assets stood at 16.27 billion manats.

SOCAR also said its total capital reserves amounted to 11.06 billion manats in 2014, compared to 10.23 billion manats in 2013. In 2014, SOCAR's authorized capital was at 1.5 billion manats, compared to 1.32 billion manats in 2013.

The company made a net profit of over 1.27 billion manats, versus 977 million manats the previous year.

SOCAR's total profit for 2014 was at 3.83 billion manats, versus 3.29 billion manats in 2013.

The company also said that as a result of activity in Switzerland, it received 31 billion manats in revenue, compared to 30.69 billion manats in 2013.

SOCAR signed an agreement with Exxon Mobil in June 2012 to acquire its Swiss branch Esso Schweiz GmbH. SOCAR paid $330 million for the assets in Switzerland.

With the acquisition of Esso Schweiz, SOCAR absorbed its retail network and the company's division for the marketing of fuel to industrial and wholesale customers (the division sells household fuel and bottled gas to independent distributors throughout Switzerland).

SOCAR has also taken over a number of gas distribution companies, among them Wangen-Olten, as well as joint ventures specializing in aircraft refueling at Geneva and Zurich airports and the Swiss Provision and Supply Company that controls joint ventures managing terminals and pipelines.

SOCAR’s revenues within Azerbaijan amounted to 4.68 billion manats, compared to 4.33 billion manats in 2013.

The company received 2.2 billion manats in revenue in Turkey in 2014, compared to 2.22 billion manats in 2013.

SOCAR’s revenues from activity in the United Arab Emirates totaled 697 million manats, compared to 246 million manats in 2013.

SOCAR’s revenues from the activity of in Georgia totaled 680 million manats, compared to 635 million manats in 2013.

In other countries, SOCAR’s revenues in 2014 amounted to 419 million manats, compared to 313 million manats in 2013.

In sum, SOCAR’s total 2014 revenues amounted to 39.67 billion manats, up from 38.43 billion manats in 2013.

SOCAR’s revenues from the sale of oil totaled 22.44 billion manats in 2014, a sharp decline from nearly 25.32 billion manats the previous year.

SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries and owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. SOCAR is the co-owner of the largest Turkish petrochemical complex, Petkim, and maintains various other assets in Turkey.

The company’s subsidiaries include Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical industry enterprises), and Azerigaz.
It also has a number of processing and service enterprises and institutions involved in geophysical and drilling operations.

URL: http://www.today.az/news/business/141868.html

Print version

Views: 1376

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: