News Archive

           
                           
                               SOCAR boosts budget payment for 2018 by more than 6% and contribution to welfare fund by more than 10.5%Gallery                            
                           
                               
                               
                                   29 January 2019                                                                    

SOCAR boosts budget payment for 2018 by more than 6% and contribution to welfare fund by more than 10.5%

                               
                               

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.''