SOCAR increases budget transfers

Agshin Rafigoglu
Author

The State Oil Company of Azerbaijan Republic (SOCAR) transferred AZN 741,326,000 to the state budget in the first half of 2019, up 2.7% or AZN 19.705 million over 2018, Report informs citing SOCAR.

Today, SOCAR invests in all stages on value chain in the global energy projects and optimizes its revenues through vertical integration strategy. As a result, the company got 94% of its revenues in 2018 from foreign markets, while this figure was 34% in 2009. 

Other News

Azerbaijan's oil exports to Czech Republic up 11% in value 24 July, 2026 / 10:39
Brent holds above $100 as Middle East tensions support oil prices 24 July, 2026 / 10:20
Azeri Light crude exceeds $109 per barrel 24 July, 2026 / 09:53
North Macedonia adapting gas links with Serbia, Greece for hydrogen transport 23 July, 2026 / 19:56
Azerbaijan, PowerChina explore solar, wind energy projects 23 July, 2026 / 16:38
Iraq values energy deals signed during PM's US visit at $200B 23 July, 2026 / 16:23
TotalEnergies Q2 2026 profit doubles to $6B on elevated energy prices 23 July, 2026 / 14:45
SOFAZ's revenues from Shah Deniz rise over 3% 23 July, 2026 / 14:00
SOFAZ earns nearly AZN 4.4 billion from ACG in 1H2026 23 July, 2026 / 13:48
Azerbaijan sees 4.5-fold surge in crude oil exports to Bulgaria 23 July, 2026 / 13:13
Hydropower plants in Azerbaijan's Kalbajar to get int'l carbon certificates 23 July, 2026 / 12:05
Gas prices in Europe exceed $750 23 July, 2026 / 11:35
Azeri Light crude surpasses $100 per barrel 23 July, 2026 / 09:44
Brent crude oil exceeds $96 for first time since early June 23 July, 2026 / 09:37
Azerbaijan exports $211 million worth of oil to Germany in 1H2026 22 July, 2026 / 18:35
Azerbaijan earns over $3.5B from oil exports to Italy in 1H2026 22 July, 2026 / 18:08
SOCAR mulls global energy market trends, new projects with Wood Mackenzie 22 July, 2026 / 16:21
Gas prices in Europe rise 1.7% 22 July, 2026 / 12:25
Brent crude rises above $92 a barrel for first time since June 11 22 July, 2026 / 10:20
Azeri Light crude approaches $99 per barrel 22 July, 2026 / 10:00