Azerbaijan's budget revenues from oil and gas sector drop

In the first half of 2023, Azerbaijan’s state budget revenues from the oil and gas sector amounted to AZN 6, 648,700,000 (3,906,129,126 dollars),  which is 19.7 per cent less than the forecast, and 1.5 per cent less than the same period last year.

Report informs referring to the Ministry of Finance.

According to the information, the share of the non-oil and gas sector in the budget revenues for the reporting period amounted to 43 per cent. The decrease is due to the receipt of funds of AZN 2,979,000 (1,750,170 dollars) less than expected from the State Oil Fund (SOF).

Tax revenues amounted to 60 per cent or AZN 3,987,700 (2,342,784) of the industry's revenues, and 40 per cent, or AZN 2,661,000 (1,563,344 dollars) were transferred from SOFAZ.

Thus, 66 per cent of tax revenues and AZN 2,630,400 (1,545,367 dollars) are income tax on the Shah Daniz gas condensate field, 24.9 per cent or AZN 992,500 (583,096) million manats are the corresponding taxes paid by the State Oil Company (SOCAR), 9.1 % or AZN 364.8 million (214,320,980 dollars) fell on income tax on the Azari-Chirag-Gunashli oil field.