SOCAR's Supervisory Board working on enhancing company's operability

By Trend

The Supervisory Board of the State Oil Company of Azerbaijan (SOCAR) has held a regular meeting, Trend reports citing SOCAR.

In the course of the meeting, Azerbaijan’s Minister of Economy, Chairman of the SOCAR Supervisory Board Mikayil Jabbarov, noted that the SOCAR Supervisory Board, in accordance with the instructions of the head of state, is working to further enhance the functionality of SOCAR.

“The Supervisory Board is taking appropriate steps in cooperation with the company's board to improve the efficiency of SOCAR's activities within best practices and requirements to improve its management, taking into account modern corporate governance standards. According to the decree of the head of state, the Supervisory Board continues to work to determine the long-term development strategy of the company,” SOCAR said.

At the meeting, SOCAR President Rovnag Abdullayev and board members presented the unaudited consolidated financial indicators of the company for 2020.

Furthermore, the discussions have taken place on the measures to be implemented to further improve the financial results of the SOCAR, to ensure the fulfillment of tasks arising from the decree of the head of state.

The participants of the meeting got acquainted with the exhibition ‘Azerbaijani oil’, organized in the administrative building of SOCAR.

“The exhibition presented paintings and exhibits reflecting the decisive stages of the oil history of Azerbaijan, oil traditions, achievements achieved as a result of the successful oil strategy of National Leader Heydar Aliyev, the selfless work of oil workers. Also, as part of the event, a crisis and emergency management room was opened in the building of the SOCAR,” the company said.

The SOCAR Supervisory Board was established by the decree of the president of Azerbaijan ‘On measures to improve the management of the State Oil Company of Azerbaijan’ dated January 23, 2021.