A total of $331.209 million has been repatriated by international oil gas companies active in Azerbaijan since January through March. The corresponding figure for the rest of the economy has been calculated at $0.972 million.
Meanwhile, Azerbaijan’s 2005 Q1 balance of payments has revealed the amount of foreign capital repatriation at $197.8 million; that for last year has constituted $1,154.397 million.
The amount of direct investments in the oil & gas industry has constituted $862.6 million, down 19.04 per cent from the year-ago figure of $1,065.4 million. Over the corresponding period, the other sectors of the economy have received only $30.6 million invested. Of the total, $269.2 million have been drawn in lending, considerably up from the year-ago figure of $44.3 million. Meanwhile, the Government has provided security for $39.3 million of the entire borrowings, with no borrowing getting formalized without state guarantee over the corresponding period last year.
The net surplus of direct investments has amounted to $424.735 million, down from the year-ago figure of $915.3 million.
According to Azerbaijan’s 2005 Q1 balance of payments, the country has exported oil and petroleum products worth of $999.7 million, with crude oil sales totaling $848.7 million. The bulk of crude exports has fallen to the share of AIOC (the operator of the Azeri вЂ" Chirag вЂ" (deepwater) Gunashli oil fields) - $644.8 million; AIOC’s international shareholders have received $533.4 in gross oil revenues, with SOCAR (10% participating interest) getting the remaining $111.4 million on behalf of Azerbaijan. SOCAR’s own operations have ensured the exports of crude oil and petroleum products worth of $203.9 million, up $98.9 million against the year-ago figure.
As to oil export figures, the present year’s interim figure has made up 32.28% of last year’s entire taking of $3,096.5 million. The same proportion for crude oil sales and AIOC exports is 35.46% ($2,393.1 million) and 44.19% ($1,459.1 million), respectively. Meanwhile, Azerbaijan is deemed to receive more money from sales of profit money, with the current figure amounting to 34.8% of the last year’s total of $320.1 million. For its part, SOCAR seems to boost exports from own operations вЂ" the corresponding amount has come up to 33.2% of the last year’s aggregate of $613.9 million.