OREANDA-NEWS. October 10, 2011. This September the State Oil Company of Azerbaijan (SOCAR) increased the pace of payments to the State Budget and the State Social Protection Fund (SSPF).

The SOCAR reports that in September 2011 it paid AZN 143.5 million to the State Budget that is by AZN 2.706 million or 1.9% more against September 2010. In December 2010 it transferred AZN 191.929 million to the State Budget and in December 2009 – AZN 532.56 million, which was a record figure in the SOCAR entire history.

"In September 2011 payments to the SSPF totaled AZN 11.499 million,” it was reported.

The SSPF was transferred AZN 13.89 million in December 2010 and AZN 11.96 million in December of 2009 (also a record for 2009) by the SOCAR.

"For Jan-Sept 2011 the Company transferred AZN 953.86 million (+105.88 million or +12.5% versus the 2010 same term) to the State Budget and AZN 100.007 million (+AZN 2.5 million or +2.6%) to the SSPF,” the SOCAR reported.

SOCAR’s transfer was AZN 1.26 billion to the State Budget and AZN 137.98 million to the SSPF in 2010 and AZN 1.468 billion and AZN 115.16 million respectively in 2009.

Thus, this September alone the SOCAR transferred AZN 155.01 million to the government against AZN 136.5 million in August, AZN 141.927 million in July, AZN 101.92 million in June, AZN 205.8 million in December 2010 and AZN 544.5 million in December 2009 (a record amount of payments). Transfers for Jan-Sept 2011 amounted to AZN 1.339 billion against AZN 1.4 billion (USD 1.756 million) in 2010 and AZN 1.58 billion in 2009.

As of 1 October 2011 exchange rate was AZN 0.7869 to the US dollar, and SOCAR’s overall payments to the government were estimated in USD 1.339 bn.