Tax and Profit Remittances by AIOC Exceeds 2006 Forecasts

The Azerbaijan Ministry of Finance has announced that in January to September 2006 the remittances to the public budget in taxes and profits from the Azerbaijan International Operating Company (AIOC), Azeri-Chirag-Guanshli fields operator, have made up AZN 820 mln, Trend reports. The highest portion of the remittance was from the third quarter of the year comprising AZN 400 mln.

Revenue from contractor companies in 2006 were expected in the amount of AZN 600 mln ($667 mln), whereas the remittances exceeded the forecast even in the 3rd quarter resulting from the rise in oil prices.

The International Monetary Fund (IMF) suggested to the Azerbaijan Government to channel the revenue directly to the State Oil Fund so as to avoid a rise in inflation. However, the

proposals were not supported by the Azerbaijan Government and the remittances in tax and profit by the oil companies will be transferred to the Public Budget in 2007, Shahmar Movsuv, the Executive Director of the State Oil Fund of Azerbaijan, stated.

In the interim, in accordance with an agreement signed between SOFAR and the Ministry of Finance on 11 August, the currency revenue of the public budget is to be managed by the State Oil Fund and that presently some $700 mln has been forwarded to the Fund's special account.

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