Seventh report on Extractive Industries Transparency Initiative issued in Azerbaijan

The due information was provided by the State Oil Fund of Azerbaijan.

The report covers revenues from oil and gas sector within the first half of 2007 and is based on the conclusions of the Moore Stephens auditing company.

The company confirmed that the government received 16.01 million barrels of oil and 1432.507 million cubic meters of gas, as well as $69.486 million (17.586 million for the cost of oil, $41 million of subscription and other bonuses and $0.1 million of other payments) and 776.982 million AZN income tax from foreign companies.

Local companies transferred 179.945 million AZN to the government, including royalty payments (97.723 million AZN),income tax (15.701 million AZN), other taxes (66.521 million AZN), and $18.978 million of the gap between inner and export price.

Thus, in the first half of 2007 the government received $1204.26 million ($78.464 million and 956.927 million AZN) and in the period from 2003 until 2007 the revenues of the government stood at $573.313 million and 3822.764 million AZN.

It should be noted that the first, second, fourth and fifth reports on EITI have been worked out by Deloitte&Touche and the sixth by Moore Stephens.

Notably, 25 oil and gas companies participate in the memorandum of mutual understanding on EITI.

/Day.Az/