SOCAR reduces payments to Azerbaijan’s state budget by over a third

Business Materials 10 March 2015 19:01 (UTC +04:00)

Baku, Azerbaijan, Mar. 10

By Maksim Tsurkov - Trend:

Azerbaijan's State Oil Company (SOCAR) made 226.73 million manats (AZN) worth of payments to the state budget in January-February 2015, which is 119.88 million manats (34.6 percent) less than in the same period of 2014, SOCAR said Mar. 10.

The official exchange rate on Mar. 10 is 1.0491 AZN/USD.

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-February 2015, SOCAR transferred 23.47 million manats to Azerbaijan's State Social Protection Fund (SSPF), which is 5.4 percent less than in January-Fenruary 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.


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