Azerbaijan, Baku, Oct.6 / Trend, E. Ismayilov /
Decline in oil prices in the world markets will not affect the implementation of investment programs of the State Oil Company of Azerbaijan (SOCAR), SOCAR head Rovnag Abdullayev told journalists on Wednesday.
At present, Azerbaijani oil prices in the world market exceeds $100 per barrel, and within a year it exceeded $ 120 at times.
Abdullayev said that in the country's state budget oil price is set in the amount of $80 per barrel, so a decline in oil prices has not affected SOCAR's activity.
"We work at the rate of $80 per barrel set in the state budget, and a decline has not yet created problems for us. Problems with the implementation of investment programs are not expected as well," Abdullayev said.
SOCAR's oil and gas enterprises produced 7.28 million tons of oil and more than 7 billion cubic meters of gas in 2010. SOCAR and foreign partners are involved in such major projects as the development of the block of oil and gas fields "Azeri-Chirag-Guneshli" and Shah Deniz gas condensate field in the Caspian Sea.
SOCAR includes Azneft production association (the companies producing oil and gas onshore and offshore), "Azerkimya" industrial association (chemical enterprises), Azerigaz industrial association (gas distribution).
SOCAR is the only producer of oil products in the country (it has two refineries on its balance), and also owns petrol stations in Azerbaijan, Georgia and Ukraine.