SOCAR increases contributions to state budget by almost 25 percent

Economy Materials 6 September 2014 12:19 (UTC +04:00)

Baku, Azerbaijan, Sept. 6

By Emil Ismayilov - Trend:

Some 23.6 percent of the total amount of funds transferred to the state budget in the form of taxes fell on the SOCAR Company (State Oil Company of Azerbaijan) in 2013, stated the report on the sustainable development of SOCAR published on the website of the State Oil Company.

Of more than 6.66 billion AZN listed in the state budget in the form of taxes, more than 1.57 billion AZN fell on the SOCAR Company last year, according to the report.

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.