Finance

Finance

State Oil Company of Azerbaijan posts record profit

29 March 2009 09:40 (UTC +04:00)

Baku. Vugar Israfilov â€“ APA-Economics. State Oil Company of Azerbaijan (SOCAR) posted a record profit of AZN 2 544.2 million (more than $3 billion) for 2008 as the countryâ€™s biggest national financial firm.
A source in the government said the companyâ€™s investment rose by 8.9% year-on-year to a record high of AZN 836.5 million.
SOCAR pumped 234.8 million into drilling activities and 450.5 million into construction works.
According to the data available, the companyâ€™s assets grew by 14.9% in 2008.
Note that the government set a tax target of AZN 1 351.6 million for SOCAR, 23.52% of total tax receipt in the country.
Besides, SOCAR provided about AZN 108.2 million to the State Social Protection Fund and spent AZN 361.4 million on salary in 2008.
The company produced 9 337 100 tons of oil and 8 236.65 million cubic meters of gas last year. It exported 2 280 940 tons of oil and 818.93 million cubic meters of gas to foreign markets.