Oil prices fall affects SOCAR’s payments to Azerbaijani state budget

Economy Materials 14 September 2015 12:33 (UTC +04:00)

Baku, Azerbaijan, Sept. 14

By Maksim Tsurkov - Trend:

The fall of global oil prices has affected payments of SOCAR (State Oil Company of Azerbaijan) to the state budget of Azerbaijan, the head of SOCAR Rovnag Abdullayev told reporters Sept.14.

This is a natural phenomenon, he said.

"When the prices for manufactured goods decrease more than twice, respectively, revenues decline," said Abdullayev. "This affects our payments to the state budget as well."
In connection with the situation on the global oil market, the prices of oil in Azerbaijani state budget for 2016 should be projected at the level of $50-$55 per barrel, according to him.

Indicators of Azerbaijani state budget for 2015 were formed at the level of the oil price worth $90.

In January-July 2015, SOCAR transferred 874.255 million manats to the state budget, which is 21.77 percent less than during the first seven months of 2014.

The official exchange rate for September 14 is 1.0475 AZN / USD.

In addition, the company's transfers to the State Social Protection Fund of Azerbaijan decreased by 3.04 percent compared to the same period in 2014 and amounted to 80.957 million manats.

edited by CN


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