SOCAR to receive grants and subsidies from adjusted budget 2018


June 22, Fineko/ Additional finances will be transferred from the corrected State Budget to the State Oil Company of Azerbaijan (SOCAR).

Finance Minister Samir Sharifov has stated that SOCAR conducts drilling works on the Umid, Babak and Garadagh fields.

"And with the purpose to give state support to drilling operations on these fields and increase the SOCAR authorized capital, extra AZN 663 million will be transferred to the Company. Another AZN 300 million will be transferred as subsidies to compensate for the loss resulting from the sale of gas by Azerenerji at a price lower than the import value," the minister said.