SOCAR's debt to Oil Fund exceeds $1 bn


June 9, Fineko/abc.az. The amount of SOCAR's debt to the State Oil Fund of Azerbaijan (SOFAZ) for 2016-2020 has been disclosed.

According to the report of the Accounts Chamber on the implementation of the SOFAZ budget for 2020, this debt totals $1.134 bn.

This amount includes debts formed in 2016 in the amount of $134.6 million, in 2017 - $227.5 million, in 2018 - $288.4 million, in 2019 - $169.9 million, and in 2020 - $314 million.

The incomplete fulfillment of SOCAR's debt obligations is indicated as one of the reasons why SOFAZ's profit from the sale of oil and gas is 0.9% of the forecast.