Today.Az » Business » SOCAR said to hide part of its revenues
16 February 2008 [13:59] - Today.Az
The State Oil Company of Azerbaijan lends its ships to foreign companies, operating in the Caspian Sea.
Novosti-Azerbaijan reports that by results of the analysis of SOCAR's financial reporting, held by the NGO Coalition for Extractive Industries Transparency Initiative, SOCAR hides a part of revenues of the Caspian Oil Flotilla, a SOCAR structure, for the long-term rent of four ships by BP and AIOC.
Along with these 4 ships, SOCAR uses another 19 ships for the needs of oil companies and two ships of the department of Geophysics and Geology were commissioned by Azer-Gugro.
The coalition notes that the revenues from these ships have not been fixed in the SOCAR report.
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