SOCAR’s budget transfers increase

By  Trend

The Azerbaijani state oil company SOCAR transferred 1.604 billion manats to the state budget in 2018, SOCAR told Trend.

SOCAR’s budget transfers increased by 93.2 million manats or 6.2 percent in 2018 compared to 2017.

Moreover, SOCAR paid 172,469 manats to the Azerbaijani State Social Protection Fund in 2018, which is 10.6 percent more than in 2017.

Speaking about the growth of the company's profitability, SOCAR President Rovnag Abdullayev stressed that SOCAR carried out many necessary reforms over the past 10 years to increase the company’s operational efficiency.

"SOCAR’s revenues and budget payments are growing,” he said. “Today, the company receives most of its revenues from foreign operations."

(1.7 AZN = 1 USD on Jan. 29)