Structure of Remittances of Extra-profits from Azerbaijan Oil Adopted

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.

Follow Trend on Telegram. Only most interesting and important news

Category news
Iran looks to inject liquidity in power, water-related projects
Business 19 June 19:54
CO2, CO3 emissions drop to zero at 6, 7, 8 phases of Iran’s South Pars Gas Complex
Business 19 June 19:38
Azerbaijani oil prices up
Oil&Gas 19 June 18:32
Oil and gas industry gearing up for robotics adoption
Oil&Gas 19 June 17:40
Iranol interested to export base oils to Azerbaijan
Oil&Gas 19 June 14:06
Head of SOCAR Turkiye Dogalgaz Yatirim appointed
Oil&Gas 19 June 13:37
Latest
20 people missing from migrant boat rescued off Spanish coast
Europe 00:28
Russian non-banking credit group facing secondary sanctions from US Treasury over N Korea
US 19 June 23:49
Magnitude 6.3 earthquake rocks Indonesia's West Papua
Other News 19 June 23:10
Statistics: Azerbaijani citizens spending more money
Business 19 June 22:30
Fed holds rates steady, signals cuts possible later this year
US 19 June 22:27
Elmar Mammadyarov meets with John Bolton
Politics 19 June 22:12
Chinese FM Wang Yi holds talks with Dutch counterpart
China 19 June 21:19
Azerbaijani State Committee on Property Issues to hold another auction
Economy 19 June 20:45
Azerbaijani minister: Military personnel must be educated in spirit of love for Motherland (PHOTO)
Politics 19 June 20:20