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Staatsolie closes challenging 2016 fiscal year positively

7/7/2017

Staatsolie considers the 2016 fiscal year as one of the most challenging in the past 36 years. Plummeting oil prices have affected the company’s financial position and performance greatly. Austerity measures, paired with recovering oil prices in the latter half of 2016, have resulted in closing the fiscal year with a gross profit of US$ 13 million.The General Assembly of Shareholders (AVA) today approved of the 2016 financial report on 13 June 2017.

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