The final approval has been reached in the SOCAR Turkey acquisition of German EWE's subsidiaries. Vagif Aliyev, Chairman of SOCAR Turkey said: ''Bursagaz, Kayserigaz, Enervis, EWE Energy and Millenicom will continue their operations under the SOCAR Turkeyâ€™s ownership adding value to the Turkish and Azerbaijani economies.
SOCAR Turkey has completed the acquisition of Bursagaz, Kayserigaz, Enervis, EWE Energy and Millenicom. Chairman of SOCAR Turkey Vagif Aliyev, CEO Zaur Gahramanov, as well as the CEO of EWE AG Stefan Dohler and CFO of EWE AG Wolfgang MĂĽcher took part in the signing of final agreement.
After the signing of the sale contracts in January 2019 and obtaining final approval on the issue recently, the five companies will operate from now under the umbrella of SOCAR Turkey together with STAR Refinery, TANAP, Petkim, SOCAR Terminal and Petkim Wind Power Plant.
Hereby SOCAR releases its latest financial report for 2018.
Over the accounting period up to 2018 the company boosted its total revenue to AZN 111.2 billion 1, an increase on the previous year. The cost of sales amounted to AZN 105.5 billion 2 and net operational cost was AZN 2.1 billion 3. The companyâ€™s operational income has increased to AZN 3.6 billion 4 last year. Despite the increase in expenses due to volatility of currency rate in some foreign countries, where SOCAR is operating, the company managed to finish the year with net profit, which amounted to AZN 1.2 billion 5.
Crude oil and oil products sales amounted to AZN 58.5 billion 6 and AZN 40.1 billion 7 respectively. Rovnag Abdullayev, SOCAR President said: "In 2017 and 2018, SOCAR managed to raise its financial performance back to the pre-crisis level and made both years profitable. The company has achieved a positive balance in the turnover last year due to a rise in the world market oil prices, higher revenues from the petrochemical products by the commissioning of the STAR Refinery and Polypropylene plant and the rise in natural gas sales from the Shah Deniz-2 project.
We will endeavor to maintain this positive result in the coming years through the completion and sustainable development of our new projects." According to the audited financial statements, last year SOCAR Groupâ€™s total assets amounted to AZN 62.1 billion 8 and credit liabilities to AZN 13.7 billion 9. SOCARâ€™s total capital increased to AZN 24 billion 10, as compared to the previous year. SOCAR's gross revenues have grown by 24 times and its total capital tripled over the past decade. As in previous years, Ernst & Young Holdings (CIS) B.
Rovnag Abdullayev, President of SOCAR met with a delegation of Turkeyâ€™s Tekfen Holding led by Murat Gigin, Chairman of the Board and Cahit Oklap, President of the Group Companies. Rovnag Abdullayev and Murat Gigin signed a Memorandum of Understanding on the construction of a new urea production facility in Azerbaijan.
Based on experience gained during the construction of existing urea plant, one of the SOCARâ€™s successful projects, SOCAR is considering the construction of a new production facility in Sumgayit with a daily capacity of 1,200 tons of ammonia and 2,000 tons of urea. The memorandum also envisages a cooperation including the marketing of the products of the existing and new production facilities.
In this context, a Working Group will be formed in the next phase and efforts will be made to establish the final agreement in order to determine the details of the following issues: .
â€˘ Tekfen Contracting Group companiesâ€™ possible participation in the construction of these units on EPC (engineering, procurement and construction-assembly) basis, .
Advanced technologies like AI (Artificial intelligence) are being applied to the demanding aspect of drilling engineering to maximize oil and gas reservoir production.
The State Oil Company of Azerbaijan Republic (SOCAR) and IBM (NYSE: IBM) today announced through the SOCAR-IBM joint venture, The Caspian Innovation Centre LLC (CIC), a jointly created AI-enabled well planning prototype.
The advanced well planning tool applies engineering principles, well planning methodologies and practices to large, complex data sets to quickly and efficiently enable engineers to create multiple conceptual well designs including cost evaluations, scheduling, KPI planning and measurement and risk profiling. The new tool, named Aliya, can perform complex analytical operations within seconds based on data received from previously drilled wells. A similar procedure if conducted solely by a human would take more than a month to complete.
The technology is unique in that it applies AI-based analytics at the well planning stage.
The application of advanced technologies such as AI in the oil and gas industry, part of which was initially applied by Woodside, which established the principles for developing the CIC well planning prototype, enables the application of multiple AI engines to enhance well planning risk profiling scenarios.
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
When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.read more