BAKU, Azerbaijan, June 9
By Fidan Babayeva - Trend:
The State Oil Company of the Azerbaijan Republic’s (SOCAR) debt to the State Oil Fund of Azerbaijan (SOFAZ) increased again over the period from October 2020 through the end of the year, Trend reports referring to the conclusion of the Chamber of Accounts of Azerbaijan on the execution of SOFAZ’s budget for 2020.
According to the chamber, a protocol of a quadripartite agreement was signed among four state structures, namely, SOCAR, SOFAZ, the Ministry of Economy and the Ministry of Finance to regulate these debt relations, taking into account the proposals of the Chamber of Accounts contained in the response to the annual report on the execution of SOFAZ’s budget for the previous years.
In accordance with the protocol, SOCAR owes $650.6 million for gas purchased from the Azerbaijan Gas Supply Company by the end of 2018 and the debt that was accumulated after 2018.
"As a result, SOCAR's debt to SOFAZ for 2016-2020 as a whole amounted to $1.1 billion by late 2020, $134.6 million for 2016, $227.5 million for 2017, $288.4 million for 2018, $169.9 million for 2019, $314 million for 2020," the message says.
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