SOCAR (the State Oil Company of Azerbaijan Republic) has paid AZN137 million (€121 million) to its state budget for July 2011, which is more than 150% of the payments for the same period in 2010.
For the first half of this year, payments to the State Social Protection Fund totalled AZN77 million, which was more than AZN3.5 million more than the payments for the same term in 2010.
In other news, in mid-August 2011, SOCAR management held a meeting with oil producers Russneft and decided on a long-term action programme into oil and gas production, which could potentially see the rise in the construction of storage facilities.
SOCAR has also signed a deal with the National Oil Corporation of Korea to store oil in its Korean terminals.
Under the contract, SOCAR will be able to store 5.3 million barrels of oil at Korean terminals for two years, with the opportunity for the agreement to be extended for a further 12 months at the end of the contract.