SOCAR: “If oil price will be around $60 next year, company’s loss within a year will make AZN 400 mln”

Baku: Oil price decline will not influence the projects implemented by company

State Oil Company of Azerbaijan has clarified the issue whether oil price decline in world market will influence the company’s revenues or not.

According to APA-Economics, SOCAR Vice-President for Economic Affairs Suleyman Gasimov said that decline or rise of the oil price is a less thing compared to the processes in the country and world: “Oil price decline is related to political issues. This will not have a great impact on SOCAR. The oil produced in Azerbaijan has been directed to the domestic demand and is regulated by state prices. If the oil price will be around $60 next year, company’s loss within a year will make AZN 400 mln. This is a high figure, but does not cause a problem for the company. Because, these losses will be compensated by State Oil Fund of Azerbaijan”.

He also noted that Oil price decline will not influence the projects implemented by company.

Financing of these projects will not be suspended.

SOURCE: AZERI PRESS NEWS AGENCY