SOCAR reduces payments to Azerbaijan’s state budget
Baku, Azerbaijan, Feb. 11
By Maksim Tsurkov - Trend:
Azerbaijan's State Oil Company (SOCAR) made 118.5 million AZN worth of payments to the state budget in January 2015, which is 55.08 million AZN (31.7 percent) less than in the same period of 2014, SOCAR said Feb. 11.
In 2014, SOCAR made payments worth 1.86 billion AZN to the state budget or almost 290 million AZN (17.8 percent) more than in 2013.
In January, SOCAR transferred 11.9 million AZN to Azerbaijan's State Social Protection Fund (SSPF), which is 11.9 percent less than in January 2014.
Last year, SOCAR transferred 141.24 million AZN to the SSPF, compared to 162.91 million AZN 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.
The official exchange rate on Feb. 11 is 0.7844 AZN/USD.
Edited by CN
Follow the author on Twitter: @MaksimTsurkov