Oil Cargo still Dominates Export Payment Balance of Azerbaijan
Azerbaijan, Baku / Trend , corr. I. Khalilova / According to the balance of payment issued by the National Bank of Azerbaijan (NBA), Azerbaijan exported oil and oil products worth $8.7bln from January to June 2007. This figure makes up 93.7% out of the total volume of Azerbaijan's export, Trend reports.
The export of oil products increased by 1.8 times compared to 2006.
Some $737.5mln out of the total amount of the oil products exported come from oil refining production. The country exported crude oil worth $7.9bln. At the same time, oil worth $7.7 bln was produced from Azeri-Chirag-Gunashli. Of the total, $1.2bln was Azerbaijan's share in profit oil and the rest ($6.5bln) was repatriated by big oil companies at the expense of their investments put into different oil and gas projects in the country.
SOCAR (State Oil Company of Azerbaijan) and other enterprises operating in the country exported crude oil in the amount of $192mln.
The total cost of export goods in the non-oil sector increased 18.5% to $573.8mln. This growth was achieved through export of non-ferrous and ferrous metals, the machine-building industry, and agriculture.
Generally, in the first half year exports increased by 1.7 times to $9.3bln, or 75% of the GDP.