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March 5, 2021
BUSINESS

Socar Petroleum posts profit from gas stations

Almost five years since opening its first gas station in Romania, Socar Romania has posted profit, according to the 2015 results.

Socar Petroleum, a local subsidiary of Azerbaijan’s national oil company, registered a turnover of RON 616.2 M last year, down 17 percent, but posted a profit of RON 2 M, according to the result filed at the Finance Ministry.

2015 was the first year in which Socar registered profit in Romania, after five years of losses. The drop in turnover was probably due to the fall in oil prices, and the profit is explainable through the growth in the distribution segment’s margins, growth that appears when the oil price is low.

Socar had 408 employees at the end of last year.

Socar opened its first gas station in Romania in Botosani, at the end of October 2011. Back then, the oil company’s officials were stating that they aimed at having a network of 300 gas stations in Romania. Socar currently has 26 gas stations in 14 counties and in Bucharest.

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