SOCAR reduces payments to Azerbaijan’s state budget

Economy Materials 10 June 2015 17:50 (UTC +04:00)

Baku, Azerbaijan, June 10

By Maksim Tsurkov - Trend:

Azerbaijan's State Oil Company (SOCAR) made 605.04 million manats worth of payments to the country's state budget in January-May of 2015, which is 217.62 million manats (26.5 percent) less than in the same period of 2014, SOCAR said.

In 2014, SOCAR made payments worth 1.86 billion manats to the state budget or almost 290 million manats (17.8 percent) more than in 2013.

In January-May 2015, SOCAR transferred 57.84 million manats to Azerbaijan's State Social Protection Fund (SSPF), which is 5.8 percent less than in January-May of 2014.

Last year, SOCAR transferred 141.24 million manats to the SSPF, compared to 162.91 million manats in 2013.

SOCAR includes production associations: Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical industry enterprises) and Azerigas (gas distribution).

SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries on its balance sheet, and also owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

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

Edited by CN


Follow the author on Twitter: @MaksimTsurkov