Accounting Chamber: SOCAR to pay debt of $90.9 million


January 24, Fineko/abc.az. SOCAR is to pay $90.9 million to the State Oil Fund (SOFAZ). It is linked with SOCAR's debt to Azerbaijani Gas Supply Company (AQTŞ).

ABC.AZ reports that this data is contained in Accounting Chamber’s conclusion on SOFAZ’s draft budget 2020.

Thus, in compliance with the Protocol signed between the Ministry of Finance, the Ministry of Economy, SOFAZ and the SOCAR on revenue management for the shares owned by SOCAR for the Shah Deniz, South Caucasus Pipeline and Southern Gas Corridor projects the total amount of payments to SOFAZ over the next years will amount to $90.94 million (with crude oil price of $55).

In 2007-2008 SOCAR owed to AQTŞ due to the difference in the price of crude oil. This debt will be repaid this year.

By Elmir Murad