Akademik Məlumat İdarəetmə Sistemi
SOCAR PROCEEDINGS, no.3, pp.100-105, 2021 (ESCI)
The article shows the history of the oil industry in our country and its current situation. Since the establishment of the State Oil Company of the Republic of Azerbaijan (SOCAR) to date, a number of successes have been achieved, especially since the launch of a new oil strategy in our country. Thus, during the years of independence new oil and gas fields were discovered, modern technologies were mastered, new agreements were signed with international oil companies, qualified human resources were developed and other achievements were made. International financial reporting and risk management in oil and gas industry enterprises were assessed. The application of the advanced work and projects mentioned in the article has shown that SOCAR has also strengthened its position in the international financial market and benefited from new banking products. As a result, oil and gas industry enterprises with international financial reporting have a favorable investment climate, which allows for efficient management of competitive production.