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Rovnag Abdullayev: SOCAR comes out of impact of financial crisis

13 August 2009 15:12 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. State Oil Company of Azerbaijan (SOCAR) s about to come out of the impact of the global financial crisis, said Rovnag Abdullayev, President of SOCAR.

According to him, SOCAR was to some extent affected by the global financial crisis although Azerbaijan as whole was not.

â€œ90% of our output is oil, and you know, oil prices are down three-fold. This situation has made us to adjust our programs,â€ he added.

He also added that the company is about to get out of the impact of the crisis as its projects were successful.

â€œFor example, the SOCAR-run Petkim in Turkey operates at 97% capacity and products produced at night is sold next day. Petkimâ€™s revenues were nearly $30 million in the first half of 2009,â€ he added.

He noted that projects in Georgia, especially gas sale and filling stations will also generate profit.