Caspian Energy Journal Caspian European Club
Tuesday, 29 January 2019 11:00

SOCAR's budget payments growing

SOCAR's budget payments growing

SOCAR contributed AZN 1.65 billion to the State Budget for 2018. Compared with the previous year’s figures, the company's budget payments grew by AZN 93.2 million, a rise of 6.2%. In addition, SOCAR’s payment to the State Social Protection Fund (SSPF) amounted to AZN 172.5 million an increase of 10.6% against the same period of 2017, Caspian Energy News ( reports with reference to the press statement of SOCAR.

''Following the instruction from the President of the Republic of Azerbaijan Ilham Aliyev, SOCAR has implemented reforms over the past decade facilitating the shift to becoming a more integrated global energy company resulting in a rise of its operational efficiency and the commencement of diversification of its services and products through whole value chain. As a result of well-timed effective measures, SOCAR's revenue and budget payments are growing despite price fluctuations in the market. Today, SOCAR, the global brand of Azerbaijan, earns the largest portion of revenue from foreign operations, re-investing this revenue for the welfare of our country and boosting its contribution to the state budget annually'', Rovnag Abdullayev, President of SOCAR said.

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