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Azerenergy owes AZN 780 mln to state budget

23 May 2016 12:59 (UTC +04:00)

According to the Chamber, the OJSC’s debt to the state budget fell AZN 223,673,000 or 21.9% to AZN 799,795,900, extra payments rose AZN 92,900 or 5.4% to AZN1,824,200.

It must be taken into account that powers, properties and other equipments of Azerenergy OJSC for supplying consumers with electric energy has been transferred to Azerishig OJSC in accordance with eth order of Azerbaijani President dated February 10, 2015. At the same time, the devaluation increased Azerenergy’s liabilities on foreign loans and this created difficulties to repay debt to the State Oil Company of Azerbaijan (SOCAR) for fuel. Because of the abovementioned facts, AZN 416 mln- budgetary loan was allocated to Azerishig OJSC to repay debts to SOCAR. Moreover, Azerenergy was granted a long-term loan with low interest to repay debt of AZN 360 mln to the state budget.

However, it must be taken into account that though the OJSC’s debts to the state budget declined, as of January 1, 2016, the OJSC’s debt made AZN 799,795,900.