Azerbaijan"s indirect profit from oil contracts
In addition to direct profit from production sharing agreements (PSA), such as government's profit from oil, profit of State Oil Company of Azerbaijan (SOCAR) in the form of oil as well as profit tax of oil companies, Azerbaijan gets indirect profits, reads the audit report "BP Stable Development in Azerbaijan in 2011."
According to the report, during 2011 BP company and its partners in Azerbaijani projects, mainly Azeri-Chirag-Guneshli, Shakh-Deniz, BTC and SCP, signed long-term contracts worth $700 million with 38 Azerbaijani companies.
Within the projects for stable development in 2011, last year costs of BP and its partners in the Azerbaijani projects reached $1.2 billion, up 17% against 2010. Of total sum of the costs $255 million fell to the contracts with small- and medium-size companies. The growth constituted 77% against 2010. $285 million fell to share of joint ventures with the growth of 8%. In addition, the contracts with the state enterprises totaled $36 million, up 33% against 2010.-0-
Economics
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