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SOCAR Disclosed 1.48 Billion GEL Revenue From the Activity in Georgia

Revenues of Azerbaijan’s state oil company SOCAR in 2016 from activity in Georgia amounted to 1.05 billion manats compared to 748 million manats in 2015, according to the consolidated report on SOCAR financial activities in 2016 audited by the Ernst & Young UK company and published on its website.

SOCAR revenues from the activity in Turkey in 2016 amounted to 3.48 billion manats compared to 2.57 billion manats in 2015, from the activity in the United Arab Emirates – 1.16 billion manats compared to 948 million manats in 2015.

SOCAR Georgia Petroleum, Ltd is the largest importer of petrol and diesel in Georgia. It imports up to 35,000 tons of oil products from Azerbaijan each month. The company is expanding rapidly by increasing its network of petrol stations around the country. SGP’s strategic development plan includes construction of petroleum storage depots using modern technologies and develop its network of petrol stations up to 120.

(1 AZN=1.42 GEL)