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SOCAR’s authorized capital to be sharply increased


Authorized capital of the State Oil Company of Azerbaijan (SOCAR) will be increased.

 

According to the draft law on amendments to 2018 state budget, AZN 633.2 million is planned to SOCAR for increase of authorized capital and AZN 300 million compensation of loss arisen from sale of natural gas to Azerenergy at a price lower than the contract price.

 

As of December 31, 2016 SOCAR’s authorized capital stood at AZN 1,802,000,000. So, the authorized capital is increased by 36.8%.  

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