SOCAR introduces international anti-corruption standards

• Tuesday, June 26, 17:32

Baku. At present State Oil Company of Azerbaijan (SOCAR) has been working to introduce international anti-corruption standards, Suleyman Gasymov, SOCAR Vice President for Economic Affairs, said at the meeting of the Caspian European Integration Business Club (CEIBC) in Baku on June 22.

He said the tender has been already invited and the bidder has been selected.  However, SOCAR representative refused to name the winner, because some legal issues are yet to be solved in the tender procedure. "At the end of this month this work will be completed," he added. Gasymov earlier told Turan's correspondent that as soon as the standard is introduced, the procedure of acquisition of materials and equipment in SOCAR will become more transparent and all 22 structures of SOCAR would have to observe the standards.

On the other hand, SOCAR has more and more contacts at the international arena:  it needs to improve its rating and economic indexes and take on credits on better conditions to implement big capital-intensive projects both inside and outside of the country. The reforms are needed for that as well.

Among the most important works done during the past years Gasymov mentioned SOCAR's transition to the international standards of financial accountability.  Later on this system was automated. The automated systems of management and registration were introduced in various directions, including personnel resources, purchase-sale, evaluation of risks, planning of production processes and etc.  Vice President also said that owing to the automated system salary is transferred to the plastic cards of 73,000 SOCAR's employees within three days and oilmen never have problems with salary payment.

For several years SOCAR is the biggest taxpayer not only in Azerbaijan, but also in the neighboring Georgia. According to the company's forecasts, by 2018 it will become the third company in Turkey on the volume of turnover. At present SOCAR has 13 representations outside of Azerbaijan. During 2011 SOCAR's net profit was 879 million AZN ($1 billion 118 million).