SOCAR Supervisory Board reviews financial results, governance, future strategy

The Supervisory Board of the State Oil Company of Azerbaijan (SOCAR) held a regular meeting.

During the meeting, Azerbaijan’s Minister of Economy and Chairman of the SOCAR Supervisory Board, Mikayil Jabbarov, noted that the SOCAR Supervisory Board, in accordance with the Head of State's instructions, is working to further enhance SOCAR's functionality.

"The Supervisory Board is taking appropriate steps, in cooperation with the Company's Board, to improve SOCAR's operational efficiency by applying best practices and meeting requirements for improved management, while adhering to modern corporate governance standards. In accordance with the Head of State's decree, the Supervisory Board continues to work on defining the Company's long-term development strategy," SOCAR quoted the Chairman of the SOCAR Supervisory Board as saying.

At the meeting, SOCAR President Rovnag Abdullayev and Board members presented the company's unaudited consolidated financial indicators for 2020.

Furthermore, discussions were held on measures to further improve SOCAR's financial results and ensure the fulfillment of tasks arising from the Head of State's decree.

Meeting participants also viewed the "Azerbaijani Oil" exhibition, organized in SOCAR's administrative building.

"The exhibition showcased paintings and exhibits reflecting key stages of Azerbaijan’s oil history, oil traditions, and achievements resulting from National Leader Heydar Aliyev’s successful oil strategy and the dedicated work of oil workers. A crisis and emergency management room was also launched in the SOCAR building as part of the event," the Company said.

The SOCAR Supervisory Board was established by decree of the President of Azerbaijan “On Measures to Improve the Management of the State Oil Company of Azerbaijan” dated January 23, 2021.