AIOC Dramatically Increases Payments for Income Tax
Azerbaijan, Baku / Trend corr I. Khalilova / According to preliminary data, the payments for income tax of the Azerbaijani International Operating Company (AIOC - operator of development of Azeri-Chirag-Guneshli field) made up over $600mln in the second quarter of 2007, according to the Government. The average price for Azerbaijani oil intended for export comprised $68.2 per barrel in the second quarter. The AIOC sells Azeri Light oil grade from the Turkish Ceyhan Port. Small volumes are transported via the Azerbaijani-Georgian railway to Batumi Port ( Georgia).
In the first quarter of 2007, the AIOC's income came to AZN 499mln, more than the forecast predicted.
During 2006, the AIOC paid off 1.2bln. The majority of funds were paid off in the third quarter of 2006, due to high oil prices (over $70 per barrel) and exceeded AZN 400mln. In the fourth quarter AZN 245mln was paid off. The average price for oil in 2006 was $59.7 per barrel.