Eighth EITI Report Announced in Azerbaijan
Azerbaijan, Baku, 5 June /corr. Trend I.Khalilova / The Committee on Extractive Industries Transparency Initiative ("EITI") announced the release of Azerbaijan's eighth EITI report (Jan-Dec 2007 assertion) audited by Moore Stephens, the independent Aggregator.
According to the report, during the half and a year, the Government received 30.349mln barrels of oil and 2410.299mln cu.m. of gas from the foreign oil and gas companies. The auditor company validated veracity of the data beinf received from the Government.
The share of the Government gas production of the local companies made up 12.03mln cu.m.
AZN 1942.568mln was received from the foreign companies as profit tax, $68mln as bonus, $6.588mln as other payments (acre payment, transit payment). The cost of oil was indicated at $22.581mln.
The payments from the local companies totaled AZN 165.318mln from royalty, AZN 98.222mln - profit tax, AZN 231.572mln - other taxes (income tax, excluding taxes of source and social payments), $70.325mln - difference between internal and export price.
Generally in 2007 the Government of Azerbaijan received $169.905mln and 2437.68mln from oil and gas projects while in 2006 the figure totaled $57.476mln and AZN 1417.767mln.
Some 26 extractive industry companies are parties to the Memorandum of Understanding.
Official exchange rate on 5 May is 0.8209 AZN/USD.
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