SOCAR cuts expenditure due to the current situation in the oil market

A constant price fall for oil in the world markets as well as the price fall of a barrel of oil below $40 caused the necessity to take measures aimed for the keeping of financial stability and optimization of expenditure of SOCAR.

A list of measures in this direction has been approved.

They comprise the reconsideration of the plan of expenditure and income of the structures of SOCAR, without doing harm to their technological activity, as well as a number of departments and employees, direction of finances to highly profitable spheres that require less expenditure.

Aiming for the perfection of the system of risk management, the respective structures of SOCAR were ordered to work out a map of project risks, list of priority of certain risks on the basis of significance of project risks by large-scale investment projects of SOCAR.

SOCAR will restrict the social projects, sponsorship and charity activity, financial aid.