VOL. XLII

No. 07

15-February-1999

FSU

Socar Announces Plans To Cut Expenses

Azerbaijan痴 state-owned oil company Socar has announcedthat declining world oil prices have forced it to reduce costs and drop theSoviet-era social programs it supports. Socar President Natig Aliyev said on 11February that the company would cut its essential enterprises by 90% in orderto survive, adding that at the same time the company would sell every drop ofthe 9mn tons of crude oil and products in its possession. "The...