Azerbaijan earns $4.2M from transportation of oil and gas through its territory

In 2022, the revenues from the transportation of oil and natural gas through the territory of Azerbaijan (transit fee) amounted to $4.2 million, or 7.2 million manats, Report informs, citing the the results of the audit of the formation and use of funds of the State Oil Fund conducted by the Chamber of Accounts.

According to the document, the income was implemented 14.6 million manats ($8.6 million) or 66.9% less than the budget forecast (21.8 million manats or $12.8 million), as well as compared to 2021 (21.4 million manats or $12.56 million) the income declined by 14,2 million manats or $8.3 million.

Although the oil transportation was forecasted at 30.9 million barrels in 2022, in the reporting year, 7.2 million barrels of oil were actually transported through the Baku-Tbilisi-Ceyhan pipeline.

The reason for the sharp decrease in the amount of income from the transfer of oil and gas through the territory of Azerbaijan was the suspension of transportation on the Western Route Export Pipeline (Baku-Supsa) as a result of the situation in Ukraine and restrictions on transportation through the Black Sea.