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Friday, 07 July 2017 11:00

SOCAR’s assets increase

SOCAR’s assets increase

SOCAR’s assets in Switzerland grew by 70% in the annual terms and totaled 40.438 bln AZN in 2016, says the consolidated financial report of the Company for 2016. The report was audited by Ernst&Young (EY), Caspian Energy News ( reports with reference to

SOCAR’s revenues in Azerbaijan, Turkey, UAE, Georgia and other countries grew by 12% (up to 5.171 bln AZN), 35% (up to 3.479 bln AZN), 22% (up to 1.156bln), 40% (1.046bln AZN), 71% (615mln AZN) respectively.

It is noteworthy that SOCAR’s revenues in 2016 grew by 57% and totaled 51.905 bln AZN.

The most part of funds owned by SOCAR lie in IBA and is controlled by the government. “The equivalent of funds, including the company’s deposits in the bank totaled 1.154 bln AZN as of December 31, 2016 (2.529 bln AZN in 2015).

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Person in charge of the newsline: Fidan Isayeva 

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