Structure of Remittances of Extra-profits from Azerbaijan Oil Adopted

Oil&Gas Materials 25 December 2006 12:08 (UTC +04:00)

Iham Aliyev, the Azerbaijan President, adopted the Law on 2007 Public Budget of the Republic of Azerbaijan, Trend reports.

In compliance with the law on Public Budget, when oil prices exceed $40 per barrel (for the cost from $40 to $50 per barrel) 50% of the revenues are remitted to the State Oil Fund of Azerbaijan Republic (SOFAR).

At the price exceeding $50 per barrel 75% of the collections will be remitted to the SOFAR.