During 2013 SOCAR paid 1.574 billion AZN to the state budget ($2,007 billion).
SOCAR press office reported that the payments went down by 10.48% or by 149.41 AZN against 2012.
Last year SOCAR also transferred 162,191 billion AZN to the State Social Security Fund. The allocations increased by 2.98% or 4.69 billion AZN against 2012.
During 2012 SOCAR’s allocations to the state budget totaled 1,425 billion AZN ($1,819 billion). During last year SOCAR also transferred 157,501,000 AZN to the State Social Security Fund.—0—
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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