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SOCAR delegation pays visit to Iran

SOCAR delegation led by SOCAR’s first vice-president academician Khoshbakht Yusifzade paid a visit to Islamic Republic of Iran by invitation by the management of Iran’s Khazar Exploration and Production Company (KEPCO) on August 18-20.
Azerbaijani delegation held meetings at Petroleum Ministry and petroleum companies of Iran. During the meetings of academician Khoshbakht Yusifzade with Roknoddin Javadi, First Deputy Petroleum Minister of Iran and general director of National Iranian Oil Company (NIOC), Ali Majidi, Iranian Deputy Oil Minister for International Affairs & Trade, and Azizollah Ramezani, Director of the National Iranian Gas Company (NIGC) for International Affairs, the sides discussed the state and prospects of the Azerbaijani-Iranian cooperation in the oil and gas sector, the opportunities in the field of oil and gas production, transportation and export of the parties, seasonal gas transit between the two countries.

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New well drilled on Gunashli field

SOCAR continues drilling works at the well #33 from the platform #13 on Gunashli field in the Azerbaijani sector of the Caspian Sea.
The projected depth of the well, drilled to Girmaki Suite by the SOCAR AQS LLC, makes 3500 metres. According to geologists, daily production rate of the well will make 150 000 cubic meters of gas and 15 tons of condensate. It will be commissioned by 28 May OGPD.

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Petkim successfully completes first half of 2014

Consolidated net profit of Turkish petrochemicals maker Petkim has reached 55 million Turkish lira (TL) in the first half of 2014.
This number has increased ten-fold comparing the same period of the last year. Petkim’s profit rose from TL 5 million in the first half last year to TL 49 million by the end of the year. Production volume increased by 6 percent reaching 1 million 471 thousand tons in the first half of the year. The utilization rate of production capacity of the Company increased by nine percentage points and reached 90 percent. According to Sadettin Korkut, Director General of Petkim, demand for Company’s products had increased in the petrochemical market.

Petkim expects to complete the capacity expansion of its ethylene and purified terephthalic acid factories by the end of the year, increasing its total annual production capacity to 3.6 million tons from 3.2 million tons. The Company’s Petlim container port, to be put into operation next year, will be profitable in logistics sphere. The first phase of a wind power project will be completed in 2015.

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SOCAR’s payments for July 2014

SOCAR paid AZN 149 million 294 thousand to the State Budget for July of the current year that is AZN 15 million 208 thousand (111,3 %) more than the payments for the same period of 2013.
For January-July 2014, SOCAR transferred AZN 1 billion 117 million 603 thousand to the State Budget that is AZN 197 million 969 thousand (121,5 %) more than the payments for the same period of 2013.

Besides, the Company’s payment to the State Social Protection Fund amounted AZN 11 million 261 thousand in July. For January-July 2014, the Company paid AZN 83 million 498 thousand to the State Social Protection Fund.

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The State Oil Company of Azerbaijan… at a glance

Discover SOCAR

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.

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International ratings

When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.

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