High Oil Prices Caused Increasing AIOC’s Allotting Taxes into State Budget
Azerbaijan, Baku/ Trend , corr. I. Khalilova/ For the first quarter of 2007, AIOC's allotting to the State Budget of the Country as a profits tax reached AZN. 499.000, a source in the Government of the Country said. Notably, that AIOC (Azerbaijan International Operating Company) is engaged in the development of the offshore block of fields of Azeri-Chiragh-Gunashli.
"These figures are more than we expected, and that is linked with the present-day high international oil prices," said the source in the Government.
In 2006, the State Budget received AZN 1.216.900.000. The most significant amount of these funds fell at the third quarter due to the high oil prices (higher than $70 per a barrel of oil) and exceeded AZN 400.000.000. Notably, in the fourth quarter of 2006, the State Budget received AZN 245.000.000.
Azeri Light Crude is produced on Azeri-Chiragh-Gunashli. The density of Azeri Light reaches 34.8 degrees according to API, with the content of sulfur - 0.15%.