During 2014 SOCAR transferred 1,855,230,000 AZN to the state budget against the plan of 1,825,000,000 AZN. The plan was overfulfilled by 1.65%, reported SOCAR’s press office.
SOCAR has increased payments to the state budget of Azerbaijan by 17.8% against 2013.
In December 2014 SOCAR paid taxes to the amount of 148,309,000 AZN to the state budget.
During 2014 SOCAR paid 141,240,000 AZN to the State Social Security Fund as mandatory social insurance (decline by 12.9% against 2013). In December 2014 the company paid 11,706,000 AZN to the Social Security Fund.
In 2013 average export price of oil was $109.7 per barrel. In 2014 1 barrel of Azerbaijani oil cost slightly over $100.—0—
Economics
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The EBITDA (earnings before interest, taxes, depreciation, and amortization) of the State Oil Company of Azerbaijan (SOCAR) has been declining in recent years, as reflected in reports by international rating agencies and the company’s own financial statements. SOCAR’s financial report for 2024 is expected in the summer of 2025, but preliminary data from Fitch Ratings indicates a further decline in the figure.
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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