ISSN 2330-717X

Ernst & Young Reveals SOCAR’s Revenues From Activities Abroad


By Maksim Tsurkov

The revenues of the Azerbaijani state oil company SOCAR in 2017 from activities in Switzerland amounted to 78.63 billion manats against 40.44 billion manats in 2016, according to the consolidated report on the financial activities of SOCAR last year, audited by Ernst & Young.

At the end of June 2012, the USA’s Exxon Mobil transferred the assets of the Swiss Esso Switzerland Company to SOCAR. The total value of assets acquired by the state oil company in Switzerland amounted to $330 million.

With the acquisition of Esso Schweiz, SOCAR received a retail chain, a division of the company engaged in fuel marketing for industry and wholesale customers (the division sells household fuel and gas in cylinders to independent distributors throughout Switzerland), gas filling plant Wangen-Olten, filling stations and joint ventures, engaged in refueling aircraft at airports of Geneva and Zurich, and a Swiss company engaged in supply and distribution that controls joint ventures managing terminals and pipelines.

According to the report, SOCAR’s revenues within the framework of its activities in Turkey last year amounted to 4.925 billion manats against 3.48 billion manats in 2016, from activities in the United Arab Emirates – to 1.32 billion manats against 1.16 billion manats in 2016, and from activities in Georgia – to 1.185 billion manats against 1.05 billion manats in 2016.

In other countries, SOCAR’s revenues in 2017 amounted to 1.12 billion manats against 615 million manats in 2016.

SOCAR’s revenues received in 2017 in Azerbaijan amounted to 5.38 billion manats against 5.17 billion in 2016.

According to the results of the last year, the income of SOCAR amounted to 92,57 billion manats against 51,905 billion manats in 2016.

SOCAR consists of oil and gas production facilities offshore and onshore – “Azneft” PA; chemical industry enterprises, united under “Azerikimya” Company; “Azerigaz” PA, engaged in distribution of produced gas across the Republic; oil and gas processing enterprises, service companies, and institutions engaged in geophysical and drilling operations.

Currently, SOCAR is the only producer of petroleum products in the country, as well as it operates more than 370 gas filling stations in Switzerland, Georgia, Romania and Ukraine. SOCAR is also a co-owner of Turkey’s largest petrochemical complex Petkim and other assets in Turkey.

The official exchange rate as of June 14 is 1.7 AZN/USD.

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