SOCAR to maintain investment at $952 mln in 2015
16.04.2015 09:00
Azeri state energy company SOCAR plans to invest about 1 billion manats ($952 million) in 2015, the same as last year, despite a decline in global oil prices, the state-owned company's vice president Suleiman Gasymov said on Wednesday.
Investments will be used on the company's projects as well as on the repair of old wells and drilling new ones, Gasymov told reporters.
SOCAR is a key contributor to the state budget and has seen its revenue shrink along with the almost 50 percent slide in benchmark Brent crude oil prices since last summer.
Gasymov told Reuters in January that an average oil price of $60 per barrel would reduce SOCAR's revenue by $510 million, but the company could manage by regulating spending.
Oil and gas account for 95 percent of Azerbaijan's exports and 75 percent of government revenue.
Gasymov also said SOCAR's assets exceeded 24 billion manats as of Jan. 1, 2015, its annual income in 2014 was 40 billion and its net profit was 1.1 billion. The company's consolidated debt was about $7 billion as of Jan. 1.
"It may seem to be high, but it corresponds with our financial policy," Gasymov said.
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