SOCAR Aviation, one of the three largest fuel suppliers of Turkish air transport sector, put its refueling facilities at the Milas-Bodrum Airport into operation. The facilities are expected to refuel up to 3000 aircrafts a year.
SOCAR Aviation, the SOCAR Turkeyâ€™s growing brand in the Turkish aviation sector, will now supply the Milas-Bodrum Airport in MuÄźla, Turkey from its own refueling facilities. SOCAR Aviation launched the facilities after winning the tender award by the Turkish State Airports Authority. On July 21, 2020 the first refueling operation at Milas-Bodrum Airport was carried out on a Turkish Airlines aircraft.
In the second quarter of 2020, SOCAR produced 1.8 million tons1 of oil and 1.8 billion cubic meters2 of natural gas. The countryâ€™s natural gas production increased by 14% compared to the same period of the previous year, reaching 9.4 billion cubic meters3. Crude oil production totaled 8.6 million tons4 nationwide.
The volume of drilling, performed by SOCAR, exceeded 15 thousand meters5, a decrease from the same period of last year. This was due to the decrease in global oil demand as the results of COVID-19 pandemic and temporary oil production cut under the OPEC+ agreement. Production and drilling were suspended mainly on the onshore fields with low profitability.
In the second quarter, SOCARâ€™s refining output was about 1.5 million tons6 of oil, 804 million cubic meters7 of natural gas. The oil refining depth reached 94.93%.
The company exported more than 5 million tons8 of crude oil. The countryâ€™s total natural gas export was about 3 billion cubic meters9, a 22,5% increase from the 2nd quarter of 2019. SOCARâ€™s autonomous natural gas export amounted to 138 million cubic meters10. Oil refinery and petrochemical products exports reached 671 thousand tons11 in April- June 2020.
â€˘ Net profit AZN 651 million
â€˘ Non-current assets AZN 46,2 billion
â€˘ Cash and cash equivalents AZN 7,1 billion
â€˘ SOCARâ€™s current assets and liabilities decreased slightly by less than 1%
SOCAR has released its consolidated financial statements for 2019. In the reporting year, the company's total turnover (revenue) amounted to AZN 83.8 billion. Trading oil and oil products from third parties represents a significant part of SOCAR's turnover. Although the total turnover of crude oil and oil products traded from third parties decreased, the efficiency and profit margin of trading operations were higher in 2019. During the reporting period, 92.7 % of the company's total revenue was recorded in foreign markets, of which AZN 63.7 billion fell to the share of trade turnover through SOCAR Trading and SOCAR Energy Holding operated in Switzerland.
The company's revenues continued to grow last year in areas with higher profit margins, such as production and transportation. As a result, SOCAR's revenues increased by 88.6 % in Turkey and 4.3 % in Georgia .
The South Caucasus Pipeline Company (SCPC) announces that as from 20 March 2020 technical operatorship of the South Caucasus Pipeline (SCP) has been transferred from BP Exploration (Shah Deniz) Limited to SOCAR Midstream Operations Limited, a fully-owned subsidiary of SOCAR. The South Caucasus Pipeline is one of the key sections of the Southern Gas Corridor.
This is in accordance with the revised SCP Pipeline Ownersâ€™ Agreement, signed in December 2013 as part of the final investment decision on the Shah Deniz Stage 2 and South Caucasus Pipeline Expansion (SCPX) projects. The agreement provides for SOCAR to become the technical operator of SCP on the first anniversary of the SCPX construction completion date.
The transfer covers the operation of all dedicated SCP facilities in Azerbaijan and Georgia. The facilities that are common to both the Baku-Tbilisi-Ceyhan (BTC) pipeline and SCP will continue to be operated by bp in its capacity as common operator. There is no change to the operatorship of the Sangachal Terminal, BTC or the Western Route Export Pipeline (WREP) which will all continue to be operated by bp.
SOCAR and bp will continue to work together during 2020 to effectively implement all aspects of the transition process.
The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.read more
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