AIOC oil output 32% below projection in 2009: gov’t
Oil production by the BP-operated consortium Azerbaijan
International Operating Company (AIOC) producing oil in the
Azerbaijan sector of the Caspian Sea under the historic "Contract
of the Century" signed in 1994, was 32.1%, or 12.9 million tons,
below projection in 2009, Finance Minister Samir Sharifov has
said.
Sharifov told a parliamentary committee Thursday that this has
caused a sharp fall in state budget revenues from profit tax, which
reduced by a staggering 1 billion manats ($1.25 billion).
Furthermore, oil companies reduced salaries of a number of their
employees, which brought down the amount of income tax transfers
from private individuals.*
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