Oil and gas sector budget revenues in Azerbaijan up by nearly 48%

In January-September 2024, revenues from the oil and gas sector to Azerbaijan's state budget amounted to nearly 13.21 billion manats ($7.77 billion), Report informs, citing the country's Finance Ministry.

According to the ministry, this is 1.3% less than forecast, meanwhile 47.6% more compared to the same period last year.

During the reporting period, the share of the oil and gas sector in budget revenues was 47.6%.

In the first nine months of 2024, 27.4% or 3.62 billion manats ($2.12 billion) of the oil and gas sector revenues in the state budget came through tax authorities, while 72.6% or 9.59 billion manats ($5.64 billion) came from transfers from the State Oil Fund to the state budget.

Of the oil and gas revenues received by the state budget through tax authorities, 47.8% or 1.73 billion manats ($1.01 billion) came from profit tax on the Shah Deniz field, 36.8% or 1.33 billion manats ($780 million) from relevant taxes paid by the State Oil Company of Azerbaijan (SOCAR), and 15.4% or 558 million manats ($328.24 billion) from profit tax of the Azerbaijan International Operating Company.