SOCAR’s profit jumps by 81 percent

The annual tax profit of SOCAR increased by 81 per cent compared to 2008 and hit 879 million manat as of 2011, SOCAR vice president on economic issues Suleyman Gasimov said today during the 19th International Caspian Oil and Gas Conference.

"The total amount of assets as of early 2012 amounted to 17 billion manat, or 36 per cent more than in 2008," Gasimov said.

He said that the company's amount of investments in Georgia's filling stations hits $110 million today, the Kulevi oil terminal - $400 million and the gas distribution network in the country - $176 million.

"There are also plans to build a carbamide plant in Georgia with a capacity of over 700,000 tons per annum and total investment worth $500 million," Gasimov said.
He also added that the investments in establishing SOCAR's trading house - SOCAR-Trading hit 60 million Swiss francs.

"The company invested 9.5 million euro in establishing 13 filling stations in Romania and 66 filling stations (23 of which are in operation) and three storage depots in Ukraine worth $160 million," Gasimov said.

He stressed that the acquisition of assets in Switzerland cost the company 330 million Swiss francs. SOCAR signed an agreement with Exxon Mobil to acquire its Swiss branch of Esso Schweiz GmbH in November last year. The company will operate under the brand Esso within 12 months after the ownership has changed.


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