The fall in global oil prices forced Azerbaijan’s state oil company SOCAR to conduct structural reforms.
SOCAR like any other company made appropriate decisions in response to the fall in commodity prices, SOCAR President Rovnag Abdullayev told reporters May 25.
Commenting on the information about closing of company’s representative office in Switzerland, Rovnag Abdullayev added that the decision on suspension of activities of SOCAR’s all foreign offices was made in December 2015.
“Functions of representative offices passed to the Baku office and companies, which are fully owned by SOCAR,” explained Abdullayev.
Meanwhile, Azerbaijan’s ambassador to Switzerland Akram Zeynalli in an interview with the Swiss Russian-language edition “Nasha Gazeta” said that SOCAR has closed its official representative office in Geneva due to drop in oil prices.
Zeynalli added that offices of SOCAR Trading and SOCAR Energy Switzerland will continue their work. SOCAR Energy Switzerland manages the company’s filling stations network in this country.
SOCAR produces and exports oil and gas. The company is the sole producer of oil products in Azerbaijan, as well as it has filling stations network in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.
SOCAR exported 350,000 tons of oil products in January-March 2016 versus 348,600 tons in the same period of 2015.