Oil market situation allows AIOC to surpass annual forecasts for profit tax
Azerbaijan, Baku, Nov. 14 / Trend I. Khalilova /
The Azerbaijan International Operating Company (AIOC) has transferred earnings on profit tax to the state worth 1.330 billion manat.
The company has overfulfilled its forecast for 2011 by 26.7 percent, the government said told Trend Monday.
Excluding the remainder of 2010, the deductions to the budget for the year amounted to 1.272 billion manat, exceeding the forecast by 21 percent.
The plan for deductions on income tax for AIOC increased from 600 million manat to 1.050 million manat due to rising oil prices.
"In 2011, the average price on Azeri Light oil was $114.4 per barrel," the government said.
AIOC is the operator of the Azerbaijani Azeri-Chirag-Guneshli fields where Azeri Light oil is extracted.