SOCAR increases contributions to state budget over 20 percent

Photo: SOCAR increases contributions to state budget over 20 percent / Oil&Gas

Baku, Azerbaijan, Aug.11
By Emil Ismayilov - Trend:

The State Oil Company of Azerbaijan increased contributions to the state budget by 21.5 percent up to 1.117 billion AZN in January-July 2014, compared to the same period last year, SOCAR reported.

In 2013, SOCAR transferred 1.57 billion AZN to the state budget which is 149.41 million AZN (10.48 percent) more than in 2012.

In January-July, SOCAR transferred 83.5 million AZN to the State Social Protection Fund (SSPF) of Azerbaijan.

The contributions to the state fund amounted to 162.91 million AZN over last year which is 2.98 percent more than in 2012.

SOCAR includes Azneft (production association of companies producing oil and gas on land and sea), Azerkimya (production association of chemical industry enterprises) and Azerigaz (production association of gas distribution enterprises).

SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia, Ukraine, Romania, and Switzerland.

SOCAR is co-owner of the largest Turkish petrochemical complex Petkim.

The official exchange rate for Aug. 11 is 0.7843 AZN/USD.

Follow us on Twitter @TRENDNewsAgency