Oil Production Down, Revenue Increase

Oil Production Down, Revenue Increase

Export of Azerbaijani oil products amounted to 1.4 billion manat in 2011, which is 176.2 million manat more than in 2010. It was stated in a government report on the results of 2011, presented to the Parliament. According to the report, the country exported about two million tons of petroleum products only in 2011.

Around 3.69 million tons of oil has been sold on the domestic market of Azerbaijan in 2011, which is 448.3 thousand tons more than in 2010. Petroleum products worth 1.6 billion manat were sold in the domestic market in 2011 for a total of about, which 194.8 million manat more than in 2010. The only producer of oil in Azerbaijan is State Oil Company of Azerbaijan (SOCAR) on the balance of which there are two oil refineries.

According to the report, 6.3 million tons of oil was processed by the processing complex of the country. Particularly 1.3 million tons of gasoline and 3.1 million tons of jet and diesel fuel were produced as a result of processing. Some 68.8 percent of the petroleum products sold accounts for the domestic market, while the remaining 31.2 percent for export.

As a result of increased attention to sustainable use of the potential of secondary processing installations of plants, the percentage of light oil production amounted to 70.3 percent compared to the projected 69.3 percent. The depth of oil processing reached 92.6 percent.

Official exchange rate on March 13 is 0.7863 AZN/USD

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