From January to April 2016 SOCAR extracted 2,522,800 tons of oil, down 8.5% against the same period last year.
According to the data released on SOCAR’s web site, in April 2016 the company extracted 624,500 tons of oil.
From January to April 2016 Azerbaijan extracted 13,977,300 tons of oil (reduction by 1.8%), of which 3,469,800 tons in April.
In 2015 SOCAR extracted 8,160,500 tons of oil, production in Azerbaijan in general totaled 41,689,000 tons.—0—
Economics
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On December 10, President Ilham Aliyev of Azerbaijan has signed a decree amending the 2014 presidential order on the management of the Shah Deniz Phase 2 gas-condensate field and Southern Gas Corridor (SGC) projects, granting the State Oil Company of Azerbaijan (SOCAR) expanded control to ensure financial consolidation.
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In the period from January to November 2024, Azerbaijan's exports not related to oil and gas increased by 1.9% compared to the same period in 2023, reaching a total value of $3.1 billion. This growth, noted in the latest "Export Survey" published by the Center for Analysis and Communication of Economic Reforms, reflects the country's diverse and expanding export portfolio.
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In a significant step towards fostering cashless transactions, Azerbaijan has extended its innovative "Return VAT" program to include real estate purchases. Between January and November 2024, citizens recovered 160.3 million manat through the program, marking a notable milestone in the government’s efforts to promote digital payments and enhance consumer benefits.
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Entrepreneurs operating in markets across Azerbaijan will be required to register for taxation. Failure to do so will result in a financial penalty of 2,000 manat for each unregistered entrepreneur, imposed on market owners or administrators. This requirement is included in proposed amendments to the Tax Code, set to be discussed in Parliament.
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