Baku, Azerbaijan, Mar. 17
By Azad Hasanli – Trend:
Azerbaijan’s Cabinet of Ministers has set an order of regulation of mutual settlements between the state oil company SOCAR, electricity producer Azerenerji OJSC and state power distribution company Azerishiq OJSC.
According to new rules, Azerishiq will open a special account in an authorized bank, and the funds from the sale of electricity will be put to that account. Azerishiq will transfer 65 percent of the funds on the account to a special account of Azerenerji, while 15 percent will go to the current account of Azerishiq.
At the same time, Azerenerji will transfer 45 percent of the funds received from Azerishiq to a special account of the SOCAR Gas Export Department, and 5 percent will go to the current account of the SOCAR Marketing and Operations Department. Azerenerji OJSC will transfer 15 percent to its current account.
Azerenerji OJSC must carry out settlements for purchases of gas and fuel oil before the 15th day of each month and transfer the funds to the accounts of SOCAR and Azneft Production Union, respectively. Azerenerji will allocate the remaining funds to the Azerbaijani state budget for payment of taxes and social deductions. If Azerenerji has funds remaining after these settlements, the funds will be directed to its current account or to financing of special projects.
SOCAR’s Azerigaz Production Union will also open a special account for funds received from retail gas sales. Half of these funds will be transferred to a special account of Azneft Production Union, where the funds from the fuel oil sold by Azerenerji OJSC are put as well.
Azerigaz Production Union will put another 25 percent of its funds to its current account. Azerigaz will carry out its settlements with Azneft Production Union according to the same rule as Azerenerji OJSC does – before the 15th day of each month. The remaining funds are also allocated to the Azerbaijani state budget to pay taxes and social deductions, as well as to the current account of Azerigaz Production Union.
At the same time, 50 percent of the funds sent to the special account of the SOCAR Gas Export Department from the sale of gas by Azerenerji OJSC, and 60 percent of the funds sent to Azneft Production Union’s account from the sale of fuel oil by Azerenerji OJSC and the sale of gas by Azerigaz Production Union, will be directed to the current accounts of the SOCAR Gas Export Department and the Azneft Production Union.