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Azerbaijan’s state oil company SOCAR completed 2017 with profit, the company’s Vice-President for Economic Issues Suleyman Gasimov said, according to a message posted on SOCAR’s website Jan. 19.

In 2017, SOCAR transferred more than 155.98 million manats to the State Social Protection Fund (SSPF) under Azerbaijan’s Ministry of Labor and Social Protection of Population, which is 8 percent more than in 2016.

The increase in SOCAR transfers to the state budget and the State Social Protection Fund is one of the indicators of the company’s stable financial position, says the message.

Gasimov noted that SOCAR has continued to expand and diversify its operational portfolio in recent years, moving forward in the strategic direction defined by President Ilham Aliyev.

Gasimov noted that SOCAR has balanced its sources of income and expanded its activities in the petrochemical and oil refining industries.

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