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State Oil Company of Azerbaijan moves to cut spending

01 April 2009 13:16 (UTC +04:00)

Rovnag Abdullayev, President of SOCAR, said a more than threefold drop in oil prices on world markets brought about a remarkable decline in the companyâ€™s revenues.
In this regard, Abdullayev gave instructions to the heads of subordinate departments and units about taking steps to defend against possible consequences of the crisis.
SOCAR said in a statement that Rovnag Abdullayev brought to attention the importance of minimizing costs, especially non-production expenses, improving governance, carrying out structural reforms in order to optimize costs, restructuring payables and receivables, bringing the number of staff in line with needs and filling vacancies with workers who have became free now in subordinate units.