State Oil Company of Azerbaijan starts structural reforms

State Oil Company of Azerbaijan starts structural reforms
# 28 December 2013 15:48 (UTC +04:00)

Baku. Agshin Rafigoglu – APA-Economics. Closure of 7 trusts of Complex Drilling Works Trust of the State Oil Company of Azerbaijan Republic (SOCAR) is connected with structural changes, President of SOCAR Rovnag Abdullayev said while commenting on closure of some trusts of Complex Drilling Works Trust, APA-Economics reports.

"This is no Soviet Union to keep several trusts within every department. We are acting in line with international standards. International auditing is being carried out at the company. The existence of such a trust does not meet the international standards," he said.

"Therefore, we have decided to merge all of them and establish a unique department. Its name is not important. Such modernization activities will also be carried out from next year at Geology and Geophysics departments and Azerigaz Production Unit," Abdullayev said.

SOCAR President underlined that most of 1100 people, who lost jobs as a result of the abolition of these trusts, will be employed, the others will be paid compensation.

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THE OPERATION IS BEING PERFORMED