Prospects of development of the oil-gas industry and possibilities for cooperation between SOCAR and member-companies of the Caspian European Club have been discussed today (April 15) at the business-forum arranged by the Club and attended by Vice President for Economic Issues of the State Oil Company of the Republic of Azerbaijan (SOCAR) Suleyman Gasymov.

Addressing the business-forum, Vice President of SOCAR Suleyman Gasymov noted an active work of the Caspian European Club, which brings together over 5,000 companies from 50 countries of the world, in building a government-to-business dialogue. It helps to establish a much closer cooperation between government agencies and the private sector.

Speaking at the business-forum, S.Gasymov informed about the activity that the State Oil Company of Azerbaijan carries out. According to him, SOCAR’s profits depend on prices running at the world markets. SOCAR managed to optimize the management structure when the oil prices were high, which played a significant role during the decline of oil prices. Owing to an optimization of the management structure, SOCAR managed to save funds to the amount of hundreds of millions.

He emphasized that SOCAR, for the third time, successfully placed 15-year Eurobonds in the amount of $750mln in March of this year. “It is the most successful placement of Eurobonds under the best terms, which indicates the growth of trust to SOCAR”, he emphasized.

S.Gasymov spoke about investments of SOCAR in Turkey. According to him, SOCAR’s investments in Star Oil Refinery exceeded $1bln. The 50th anniversary of the petrochemical complex Petkim has been celebrated this year.

Speaking about implementation of gas projects, S.Gasymov noted that a new company “Southern Gas Corridor” has been created, 49% of which belong to SOCAR. He also noted that Azerbaijan, as an operator of TANAP, lays a big importance on the implementation of this project.

“We have successfully completed 2014. Maintenance of stable production is our priority in 2015”, he noted.

Reconstruction of existing Baku Oil Refineries is another priority. “A decision about reconstruction has already been made”, he emphasized.

At the meeting, S.Gasymov spoke about international accounting standards introduced in SOCAR and emphasized that SOCAR has representative offices operating in 13 countries of the world.

Business-forum participants’ proposals on this issue were discussed at the meeting, including issues that were of interest to the companies of the Caspian European Club.

Addressing the business-forum, Chief Executive Officer of Caspian European Club Telman Aliyev spoke about the Caspian Energy Forum. He expressed gratitude for the support that SOCAR lent for conduction of the forums, two of which were hosted in Baku, and one in Tbilisi. T.Aliyev emphasized that forums also focus on issues of development of the oil-gas and non-oil sectors. The following Caspian Energy Forum will be held under the chairmanship of Prime Minister of Kazakhstan Karim Massimov in Astana (Kazakhstan) on September 30, 2015.

Telman Aliyev thanked Suleyman Gasymov for a constructive dialogue as well as for an attention to proposals and requests put forward by member companies of the Caspian European Club during the meeting.

According to him, the companies received answers for questions that were of interest to them as well as discussed ways of cooperation with SOCAR.

He noted the Caspian European Club was established in June 2002 with active participation of Caspian Energy International Media Group and under support of the largest oil and gas companies working in the Caspian and Black Sea region. His Excellency President of the Republic of Azerbaijan Ilham Aliyev is the Chairman of the Caspian European Club. According to Telman Aliyev, the Caspian European Club has promoted attraction of oil sector revenues into development of the non-oil sector since its establishment. Caspian European Club, which brings together over 5,000 member companies and organisation, is operating in 50 countries around the world, carrying out an active work to maintain the dialogue between government agencies and the private sector.

Vice President for Economic Issues of the State Oil Company of the Republic of Azerbaijan (SOCAR) Suleyman Gasymov was presented an honorary membership certificate of the Caspian European Club. Certificates were also presented to new companies of the Caspian European Club. Participating in the business forum of the Caspian European Club were executives of companies and representatives from a number of diplomatic agencies accredited in Azerbaijan.

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