EBRD: SOCAR annual revenue exceeds country's GDP

"In Azerbaijan, Belarus and some Central Asian nations, state-owned enterprises account for 30-70% of production-related jobs. In Central Europe and the Baltic countries, the ratio is about 10%, said Transition Report 2020-21, published by the European Bank for Reconstruction and Development (EBRD).

According to Report, moreover, the document states that 90% of the world's oil and gas reserves, 55% of oil and gas production are under the control of national oil companies: "These companies have assets of several billion dollars, a large share in government revenues and tens, hundreds, sometimes thousands of employees. For example, the income of the State Oil Company of Azerbaijan (SOCAR) exceeds the country's GDP. In the countries encompassed by the EBRD, transfers from national oil companies to the state budget range from 2 to 18% of their total revenues."