SOCAR boosts contributions to Azerbaijan’s state budget

Economy Materials 9 September 2014 10:49 (UTC +04:00)

Baku, Azerbaijan, Sept. 9

By Emil Ismayilov - Trend:

Azerbaijan's State Oil Company (SOCAR) increased contributions to the country's state budget in Jan.-Aug. 2014 by 20.7 percent (up to 1.267 billion AZN) versus the same period of last year, the company said Sept. 8.

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

SOCAR transferred 95.9 million AZN to the State Social Protection Fund (SSPF) of Azerbaijan in Jan.-Aug.

Contributions to the SSPF totalled 162.91 million AZN over the last year which is 2.98 percent more than in 2012.

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

SOCAR is the sole manufacturer of oil products in Azerbaijan. It owns two oil refineries and petrol stations in Azerbaijan, Georgia, Ukraine, Romania, and Switzerland.

The company is also the co-owner of the largest Turkish petrochemical complex Petkim.

The official exchange rate for Sept. 9 is 0.7843 AZN/USD.