Azerbaijani President Ilham Aliyev signed on December 23 decrees on improving reporting structures for the main income of the state budget.
In compliance with amendments to the Charter of the State Oil Company (SOCAR), in addition to the annual financial statements the combined (consolidated) financial statements will be prepared. In addition to financial reports, SOCAR will be, and provide to the Ministry of Taxes - Tax reports and statistical reports will be submitted to the State Statistics Committee. The same report form established for the State Oil Fund of AR (SOFAR). It is noteworthy that the president has reserved the right to appoint an independent auditor SOFAR.
Not later than 30 June to the expiration of the fiscal year SOCAR must disclose on the corporate website and periodicals consolidated financial statements together with the auditor. This report shall be submitted to the Ministry of Finance, if the company or its subsidiaries received loans under government guarantees, or participated in projects for the development of public debt, etc. --08D-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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