Oil Prices Affect Deductions from SOCAR to State Budget and State Social Protection Fund
In January-July the State Oil Company (SOCAR) transferred to the state budget 874 million 255 thousand AZN (minus 21.77% over the same period last year).
As the head of the leading economic structure of Azerbaijan, Rovnag Abdullayev told reporters, it is a natural phenomenon in the background of more than two-fold decrease in stock prices of oil. According to him, the company also declined contributions to the State Social Protection Fund (minus 3.04%), reaching 80,957,000 AZN in January-July.
In connection with the situation on the world oil market, according to him, the price of oil in the state budget for next year should not exceed $ 50-55 per barrel. Recall performance of the state budget for this fiscal year was formed at the level of the oil price at $ 90. --17D-
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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