Azerbaijan, Baku, August 21 / Trend , I.Khalilova /
In the first half of 2009, the Public budget received 211 million manat from profit tax paid by Azerbaijan International Operating Company (AIOC), a government source said on August 21.
AIOC is the operator on the development of a large block of Azerbaijani Azeri-Chirag-Guneshli fields, where Azeri Light oil is produced.
Of the total revenue, 105 million manat accounted for the first quarter and 106 million manats - for the second quarter.
"The decline in world oil prices, as well as the level of production from the Azeri-Chirag-Guneshli affected the revenues to the Public budget, and in general, in 2009 their quadruple reduction is expected," said the government.
During the first half of last year, the transfers by AIOC to the Public budget totaled 1 041.9 million manat (in the first quarter - 555 million manat, in the second quarter - 486.9 million manat).
The tranches were calculated from the price of oil at $70 per barrel, while in the second quarter the average price was $58.
In 2008 the Public budget received 2240.4 million manat profit tax compared to more than 2.5 billion manat in 2007. According to this line in 2009 the incomes of the Public budget are expected to be 1.23 billion manat.
The average price of all kinds of oil in 2007 remained within $82-85 per barrel, and in 2008 reached $147 per barrel. This year, after a certain decline in oil prices [even were below $40 per barrel], they again began to grow, and today the Azeri Light has already reached $70.
The world conjuncture of oil prices has affected the increase in payments to the Public budget from the oil companies. High prices for Azeri Light oil and changing dividing the profits from the sale of oil in 2008 between the Government of Azerbaijan and foreign companies, contractors have contributed to a threefold increase in revenues of Azerbaijan State Oil Fund. Since last year, the division of profits from the sale of oil between the Government of Azerbaijan and foreign companies, contractors has been changed from 30/70 percent to 80/20 percent, but since last year there has been a zero balance.
Official rate on August 21 is 0.804 AZN/USD
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