SOCAR posts 6.2% rise in budget transfers, 10.6% in transfers to SSPF

Baku. 29 January. REPORT.AZ/ The State Oil Company of Azerbaijan (SOCAR) transferred AZN 1,604,514,000 to the state budget in 2018, up AZN 93,481,000 or 6.2% from 2017, Report informs.

In addition, SOCAR transferred AZN 172,469,000 to the State Social Protection Fund (SSPF), up 10.6% in comparison to a year earlier.

SOCAR President Rovnag Abdullayev said that guided by the instructions of President Ilham Aliyev, the company conducted a number of reforms during the past decade to become a modern global energy company and increase operation effectiveness, and started to diversify its services and products on the whole value chain: "As a result of the timely taken measures, SOCAR’s revenues and budget transfers are developing along the ascending trend-line. Today, SOCAR receives major part of its revenues from projects in foreign countries, reinvest them for the prosperity of our country and increases budget transfers year-by-year."