Azerbaijan reveals sources of oil sector tax revenues for 2017
Baku, Azerbaijan, Oct. 3
By Azad Hasanli – Trend:
Azerbaijan International Operating Company (AIOC) will ensure 27.1 percent (475 million manats) of tax revenues from the country’s oil sector, according to the draft state and consolidated budgets of Azerbaijan for 2017, released by the Ministry of Finance.
AIOC is the operator of the Azeri-Chirag-Guneshli large block of Azerbaijani fields, where Azeri Light oil is produced.
Azerbaijani state oil company SOCAR will ensure the remaining 1.28 billion manats, or 72.9 percent of tax revenues from the country’s oil sector, according to the draft budget.
In comparison with the forecasts for the current year, tax revenues from AIOC will increase by 105 million manats and from SOCAR by 40 million manats.
It is expected that the share of taxes from the raw materials segment will account for 22.3 percent of the total volume of revenues from Azerbaijan’s oil sector to the country’s state budget (9 percent, or 145 million manats growth in comparison with the forecasts for the current year).
In general, Azerbaijan’s oil sector will ensure 49.2 percent or 7.855 billion manats of the budget revenues, which is 14.9 percent less than the revenue forecasts for the current year. The State Oil Fund of Azerbaijan (SOFAZ) will ensure 77 percent (6.1 billion manats) of revenues from the country’s oil sector.