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                                   19 January 2018                                                                    

SOCAR increases 2017 budget payments by 8.3%


SOCAR paid AZN 1.5 billion to the State Budget for 2017. Compared with the previous year’s figures, the company’s budget payments increased by AZN 115.6 million or 8.3%. In addition, SOCAR’s payment to the State Social Protection Fund amounted AZN 156 million and increased by 8% against the same period of 2016. The growth of SOCAR’s budget payments is an indication of the company’s stable financial situation. Suleyman Gasimov, SOCAR Vice President for Economic Issues said: “Following the strategic course determined by the President of the Republic of Azerbaijan Ilham Aliyev, SOCAR has continued extension and diversification of its operational portfolio in recent years. The international projects we carried out and investments within and outside the country had a positive impact on the financial results, creating a good environment for sustainable rise of budget payments.”

It must be noted that on the basis of the strategic development view elaborated some years ago, SOCAR has made important steps toward balancing its revenue sources, developing petrochemical oil and gas refining industries. Amid the recent oil price downturn, few changes in petrochemical products’ price have had a positive impact on the company’s revenues. As a result, SOCAR has endured the world energy crisis and secured its profitability in 2016-2017.