Azerbaijan’s profit oil drops to 69% of its revenue from contract of century
The State Oil Company of Azerbaijan (SOCAR) has reported of a fall in the profit oil share in earnings from the Contract of the Century - PSA for the development of oilfield block Azeri-Chirag- Gunashli (ACG).
Today in Baku at conference Caspian Oil & Gas first vice president of SOCAR KhoshbakhYusifzadeh has stated that in 2013 it was sold 32.7 million tons of Azerbaijani oil at the global market, of which 22.5 million tons or 69% is profit oil.
"By 1 June 2014 Azerbaijan’s profit oil from the Contract of the Century reached 179 million tons," Yusifzadeh said.
In accordance with the R- factor of the ACG PSA the profit oil of Azerbaijan should have made up must up 80% of earnings.