AIOC contributions twice above projection
The shareholders of the BP-operated consortium Azerbaijan
International Operating Company (AIOC) that produces oil and
associated gas from the major Caspian Azeri-Chirag-Gunashli fields
transferred some 3 billion manats (over $3.5 billion) to the state
budget in 2007, or twice above the projection, a Ministry of Taxes
official said.
Sahir Mammadkhanov said the average price for Azerbaijan's oil in world exchanges was around $81-82 a barrel last year, compared to the $50 figure envisioned by the state budget, which boosted the tax payments.
The consortium makes payments to the Azerbaijani budget four times a year. For instance, it will transfer 530 million manats ($630 million) owed to the state for the fourth quarter of last year by January 25, 2008, while the payment for Q1 2008 is due by April 25.
The company has been making profit tax contributions to the budget since 2006.
Sahir Mammadkhanov said the average price for Azerbaijan's oil in world exchanges was around $81-82 a barrel last year, compared to the $50 figure envisioned by the state budget, which boosted the tax payments.
The consortium makes payments to the Azerbaijani budget four times a year. For instance, it will transfer 530 million manats ($630 million) owed to the state for the fourth quarter of last year by January 25, 2008, while the payment for Q1 2008 is due by April 25.
The company has been making profit tax contributions to the budget since 2006.
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