BAKU, Azerbaijan, Nov. 29
Trend:
The State Oil Company of Azerbaijan (SOCAR) is returning part of the loan funds through its activities in Turkey, deputy head of the public relations and events department at SOCAR Ibrahim Ahmadov, told Trend.
According to Ahmadov, SOCAR's investments in Turkey pay off and are profitable. In addition, the company is confident that the investment will pay off in the future as well.
"We are already returning part of the loans through our activities in Turkey, which we attracted to finance these projects. We will always support brotherly Turkey and believe in its economy," Ahmadov said.
He also noted that Turkey, as a rule, adapts tariffs for the sale of energy resources, including tariffs for diesel fuel.
"The fall in the Turkish Lira exchange rate as a whole has a negative effect on our financial report, and we can already see some financial losses in it, the source of which is the difference in exchange rates, including the Turkish Lira. And this is not the only factor that affects this indicator. For example, in Georgia and other countries, there may also be a negative attitude of the national currency rate to the Azerbaijani manat.
"When the exchange rate of any currency in relation to the Azerbaijani manat changes in a negative direction, accordingly, this negatively affects our report. Similarly, the value of SOCAR's assets is decreasing or growing," Ahmedov said.
