Azerbaijan, Baku / corr Trend I.Khalilova / The Commission on the Extractive Industry Transparency Initiative (EITI) has published the 7th report n Azerbaijan, developed by the international audit company Moore Stephens. The report disseminated by the State Oil Fund of Azerbaijan (SOFAZ) covered revenues in the extractive industry in the first half-year of 2007.
In accordance with the report, over the first half-year the Government received 16.01mln barrels of oil and 1.431.538mln cu m of gas from the foreign companies involved in the oil and gas sector. The audit company confirmed the data received from the Government.
The Government's share in the gas production by local companies was 7.969mln cu m of gas.
Transfers from the foreign companies comprised AZN 776.982mln in profit taxes, $41mln in signed bonus, $0.9mln on other payments (per-acre payments transit fees). The cost of the oil was indicated in the amount of $17.586mln.
Revenues from the local companies comprised AZN 197.723mln in royalties, AZN 15.701mln in profit tax, AZN 66.521mln in other taxes (income tax, excluding taxes from source and social payments) and $18.978mln obtained as a difference between the internal and export price.
In general, in the first half year of 2007, $78.464mln and AZN 956.927mln in oil revenues has been given to the Azerbaijani Government.
The memorandum on mutual understanding unites 25 oil and gas companies. The last companies joining the EITI are Inpex Azerbaijan, Binagadi Oil, RAFI Oil and Naftiran Intertrade Co. Limited.