SOCAR to cut spending as oil prices fall below $40/bbl

The company will save on the purchases of vehicles, office appliances and cut spending on social projects and charities. It will also limit spending on exhibitions and conferences, SOCAR said.

SOCAR is Azerbaijan’s largest employer with over 50,000 people on the staff.

Azerbaijan based its national budget for 2016 on an assumed oil price of $50 a barrel, down from $90 a barrel this year.