The State Oil Company of Azerbaijan Republic (SOCAR) has dramatically ramped up its social investments in 2023.
According to Report, which cites SOCAR's consolidated financial report, the oil giant allocated a staggering 770 million manats (approximately $453 million) for construction and renovation projects based on government decrees last year.
This substantial investment marks a 46.1% increase from the previous year's figure of 527 million manats ($310 million). The funds were primarily directed towards enhancing the country's recreational facilities, transportation networks, educational institutions, and healthcare infrastructure.