State oil company reports on 2005 financial performance

Unlike the 2004 report, the 73-page document, posted on SOCAR's official website, details the company's social spending as well, the head of the Azerbaijan Foundation for Assistance to Economy, Zohrab Ismayil, said Friday.

For the first time, the report included provisions on the transition to international finance standards and programs covering studies abroad.

SOCAR's transfers to the state budget, including 130m manats ($147.7m) in subsidies to the energy sector, amounted to 675m manats ($767m). The company transferred $34m to the State Social Security Fund last year.

SOCAR started making public its financial reports as part of the Extractive Industries Transparency Initiative (EITI) in 2004. Azerbaijan joined the Initiative at a conference in London in June 2003. AssA-Irada

/BakuTODAY/