Details of XVI Report of Azerbaijan on EITI announced

Multi-stakeholder Group (MSG) on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan released XVI report of Azerbaijan on EITI, which passed the audit of the international company Moore Stephens, the State Oil Fund of Azerbaijan (SOFAZ) said on Monday.

The report was approved at a meeting of EITI Multi-stakeholder Group, which was held on Monday at the State Oil Fund.

The report covered the receipt of extractive industries in the country for 2011.

According to the report, the government received 181.1 million barrels of oil, 6805.5 thousand cubic meters of natural gas and 3 406 420.8 thousand cubic meters of associated gas from foreign oil and gas companies last year. The government has also received 7.4 thousand ounces of gold and five thousand ounces of silver.

The cost of oil is specified at a rate of $64.9 million, of gas - $365.1 million.

Azerbaijan received $1734 million as a tax on profits from foreign companies, $20 million on bonuses. Transit payments amounted to $9.5 million according to the report of the Azerbaijani government, and $ 3.2 million according to oil - producing companies. The difference reflects the $6.3 million payment of Azerbaijan for the transit of oil accounting for the government.

Revenue from local companies amounted to 127.2 million manat from the tax on mineral resources (royalties), 177.8 million manat - income tax, 197.2 million manat - the price difference, 166.3 million manat - from other taxes.

In general, some $2 195.2 million and 668.5 million manat from the implementation of oil and gas projects and the production of gold and silver has been transferred to the government of Azerbaijan in 2011.

Some $332.395 million and 1332.985 million manat has been transferred to the government of Azerbaijan in 2010.

Azerbaijan joined the EITI in 2003.

The memorandum was signed on November 24, 2004 by 21 foreign and local mining companies, including such major companies as SOCAR, BP Azerbaijan, Exxon, Statoil, Total, Lukoi, Unocal, Shell, Devon Enerji. The last companies joined to the memorandum of the company are Inpex Azerbaijan, Binaqadi Oil, RAFI Oil, NICO, Apsheron Investment Ltd and GDF SUEZ Eksploration Caspian BV, Azerbaijan International Mining Company, which is engaged in gold mining in Azerbaijan, Neftechala Operating Company Ltd, and Shirvan Operating Company Limited.


/Trend/