During 2012 SOCAR sold crude oil to the amount of 17,138,832,000 AZN, up 3.74 times against 2011, reads SOCAR’s consolidated financial report audited by Ernst & Young company.
| 2012 | 2011 |
Crude oil | 10 126 222 | 2 716 988 |
Net product of oil refining | 3 318 135 | 2 077 482 |
Products of petrochemistry | 2 029 524 | 2 002 327 |
Natural gas | 1 106 713 | 967 219 |
Other incomes | 558 238 | 368 715 |
Total | 17 138 832 | 8 132 731 |
According to the report, the incomes received from crude oil sales ARE mentioned after deduction of taxes. The payment is calculated the following way: 30% tax is deducted from the difference between the world oil prices and local prices.
However, the oil products were calculated after payment of excises worth 482,043 AZN.
The tax payment was not envisaged about the oil volume within the framework of Azeri-Chirag-Guneshli (ACG) (32.9 million tons in 2012) and condensate within Shah-Deniz (2 million tons).—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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