He added that the company has developed a special program to pay all the redundant of contractors and subcontractors the one-time severance compensation equivalent to the three-month salary.

"Also, we have already provided some 200 redundant people with jobs and the process is going on," he said.

Rovnag Abdullayev also noted that establishing a SOCAR office in Romania would help deliver Azerbaijan's oil to the world market, APA reports.

"Romania is an oil producing and refining country. It has great experience and is a close one to Azerbaijan. We try to develop our business there and reach the European market via Romania in the future," he underscored.