Baku, Azerbaijan, July 11
By Sara Israfilbayova – Trend:
Azerbaijan’s state oil company SOCAR received 959.5 million manats from the state budget in 2018, the Law "On the Execution of the State Budget of Azerbaijan for 2018" states, Trend reports.
As noted, the amount was allocated to carry out drilling operations at a number of fields and to cover losses in connection with the sale of gas to Azerenergy OJSC.
"Of these, 663.2 million manats were allocated for carrying out drilling works at the Umid, Karabakh and Babek fields, and 296.3 million manats were directed for covering the losses of SOCAR in connection with the sale of imported gas to Azerenergy at a price below its contract value," the law reads.
President of Azerbaijan Ilham Aliyev approved the Law "On the Execution of the State Budget of Azerbaijan for 2018".
Last year, the state budget revenues were approved at 22.508 billion manats, and expenses at 22.731 billion manats.
Presently, SOCAR is the only producer of oil products in the country and it also manages more than 370 filling stations in Switzerland, Georgia, Romania and Ukraine. It is also a co-owner of Petkim (Turkey’s largest petrochemical complex) and other assets in Turkey.
SOCAR includes enterprises for oil and gas production onshore and offshore, including Azneft, chemical enterprises united in the Azerkimya company, Azerigaz (which distributes produced gas in the country), oil and gas processing enterprises, service companies, and institutions engaged in geophysical and drilling work.
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