Azerbaijan earns over $4 million from oil, gas transit in 2022

Azerbaijan revenues from oil and gas transit made up 7.2 million manats ($4.2 million) in 2022.

The data is provided in the report "Audit of formation and use of main directions of means of the State Oil Fund" of the Accounts Chamber on the results of the external state financial control, Report informs.

According to the document, this revenue item was executed by 14.6 million manats ($8.5 million) or 66.9 per cent less than it was budgeted (21.8 million manats or $12.8 million). A decrease of 14.2 million manats ($8.3 million) was also recorded in comparison with the figure for 2021 (21.4 million manats or $12.5 million).

In 2022, 7.2 million barrels of oil were pumped through the main Baku-Tbilisi-Ceyhan export pipeline, although the projected volume of oil transportation is 30.9 million barrels.

The reason for the sharp decline in oil and gas transportation revenues through Azerbaijan was the termination of transportation through the Western Export Pipeline (Baku-Supsa) due to the situation in Ukraine and restrictions imposed on transportation in the Black Sea.