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SOCAR Boosts Budget Payment for 2018 by More Than 6%

Source: www.gulfoilandgas.com 1/29/2019, Location: Asia

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.

Rovnag Abdullayev, President of SOCAR said: ''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.''

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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