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SOCAR’s transfers to Azerbaijani state budget increase

Oil&Gas Materials 9 June 2017 15:15 (UTC +04:00)

Baku, Azerbaijan, June 9

By Maksim Tsurkov – Trend:

Azerbaijan’s state oil company SOCAR transferred 669.89 million manats to the state budget in January-May 2017, which is 19 percent more than in the same period of 2016, SOCAR said in a message.

SOCAR transferred 139.59 million manats to the state budget in May 2017, which is 18.5 percent more than in May 2016.

The Azerbaijani oil company transferred 62.46 million manats to the country’s State Social Protection Fund in January-May 2017, or 8.9 percent more than in the same period of 2016.

SOCAR’s transfers to the Fund in May 2017 were 12.945 million manats, as compared to 12.25 million manats in May 2016.

SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

The official exchange rate on June 9 is 1.7022 AZN/USD.

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