Bank Of Baku

PricewaterhouseCoopers: State Oil Company of Azerbaijan should cut jobs

PricewaterhouseCoopers: State Oil Company of Azerbaijan should cut jobs
# 23 June 2009 15:47 (UTC +04:00)
As APA-Economics learned from a source in the government, the audit report surprised the company management although the details are not released.

“The report proposes conservation of onshore oil and gas deposits run by Oil-Gas Production Units of SOCAR’s subsidiary AzNeft. These Oil-Gas Production Units include Bibiheybat, Balahanyneft, Muradhanlyneft, Siyazyanneft, Absheronneft, F. Amirov and Z. Tagiyev Units. Conservation of these deposits will not affect oil production but will significantly reduce SOCAR’s total costs. Besides, conservation will cut Azneft’s workers to 12 000 from 20 people,” said the source.

SOCAR’s Management held discussion on the report immediately after receiving it, but the results of discussion are not released.
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