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
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review