Azerbaijan sees slight drop in oil, gas sector revenues to state budget

In 2024, revenues from the oil and gas sector to Azerbaijan's state budget amounted to approximately 17.97 billion manats (just over $10.57 billion), Report informs, citing the country's Finance Ministry.

According to the ministry, this is 1.1% more than the forecast, while 1% less compared to 2023.

During the reporting period, the share of the oil and gas sector in budget revenues was 48.4%.

Last year, 26.6% or 4.78 billion manats ($2.812 billion) of the oil and gas sector revenues in the state budget came through tax authorities, 71.1% or 12.781 billion manats ($7.518 billion) came from transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget, while 2.3% or 408 million manats (almost $240 million) 408 million manats through other ways.

Of the oil and gas revenues received by the state budget through tax authorities, 49% or 2.341 billion manats ($1.377 billion) came from profit tax on the Shah Deniz field, 37.1% or 1.774 billion manats ($1.04 billion) from relevant taxes paid by the SOFAZ and 13.9% or 665 million manats (just under $391.2 billion) from profit tax on the Azeri-Chirag-Gunashli project.