BAKU, Azerbaijan, September 15. The State Oil Company of the Azerbaijan Republic (SOCAR) saw a notable rise in actual capital investments last year, with total expenditures reaching 1.98 billion manat ($1.1 billion).
Data obtained by Trend from the company’s 2024 annual report indicates that this represents a 12.1 percent increase compared to 2023
The investments spanned a wide array of fields, from drilling to construction, and even included equipment that’s ready to roll without a hitch, along with geological exploration to boot. Specifically, drilling investments amounted to 206.8 million manat ($121.6 million) (2.4 percent more), construction projects accounted for 1.53 billion manat ($900 million) (14.5 percent more), non-installation equipment totaled 95.2 million manat ($56 million) (35.1 percent more), and geological exploration work reached 142.4 million manat ($83.7 million) (4.3 percent less).
In 2024, SOCAR executed the transfer of fixed assets valued at 2.48 billion manat ($1.45 billion), representing an increase from the previous year's figure of 1.48 billion manat ($870.5 million) in 2023. Capital expenditures for drilling amounted to 123.3 million manat ($72.5 million), reflecting a decrement of 117.6 million manat ($69.1 million) compared to the previous fiscal year. Concurrently, construction-related assets escalated to 2.1 billion manat ($1.2 billion). Furthermore, SOCAR executed substantial refurbishment initiatives amounting to 195.6 million manat ($115 million) throughout the fiscal year.
