Azerbaijani Finances Ministry Expects AIOC to Remit Aprox. $600mln to Public Budget
Azerbaijan, Baku / corr Trend I.Khalilova / Over the first quarter of 2007, the Azerbaijani Finances Ministry expects the Azerbaijan International Operating Company (AIOC), an operator of the Azeri-Chirag-Guneshli fields, to remit AZN 520mln in profit taxes to the public budget.
The Finances Ministry reported that in 2006 AIOC transferred AZN 1216.9mln in profits taxes.
The International Monetary Fund (IMF) proposed that the Azerbaijan government remit the oil revenues directly to SOFAR. However, the proposal was not supported by the Azerbaijan government and the profit taxes will be remitted to the pubic budget.
Meanwhile, in accordance with the agreement signed between SOFAR and the Finances Ministry on 11 August 2006, the currency reserves are remitted to the Oil Funds for management.