Azeri Energy Firm SOCAR Says Revenues Halved in 2015 Due to Weak Oil Price

Reuters

BAKU, Sept 14 (Reuters) – Azeri state energy company SOCAR's revenues have halved in 2015 due to the low oil price, and the company predicts it will transfer less money to the state budget next year, the company's president said on Monday.

"The decline in the oil price has affected our financial condition. Our revenues fell two times," Rovnag Abdullayev said.

Abdullayev also suggested that next year's state budget should be calculated based on an estimated oil price of $50-$55 per barrel, down from $90 this year.

(Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Alexander Winning)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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