Azerbaijan's oil and gas revenues top $4.8 billion in Jan.-June 2026

BAKU, Azerbaijan, July 27. Revenue from
Azerbaijan's oil and gas sector totaled 8.198 billion manats ($4.82
billion) in the first half of 2026, exceeding the forecast by 21.2
million manats ($12.5 million), or 0.3%, according to the Finance
Ministry.

The ministry said oil and gas revenue was 1.328 billion manats
($781.2 million), or 13.9%, lower than in the same period of
2025.

Of total oil and gas revenue, 1.778 billion manats ($1.05
billion), or 21.7%, came from tax receipts, down 22.2% year over
year. The remaining 6.420 billion manats ($3.78 billion), or 78.3%,
consisted of transfers from the State Oil Fund of the Republic of
Azerbaijan (SOFAZ), down 11.3% from a year earlier.

Overall, Azerbaijan's state budget revenues totaled 19.179
billion manats ($11.28 billion) in the first six months of 2026,
while expenditures reached 16.776 billion manats ($9.87 billion),
resulting in a budget surplus of 2.404 billion manats ($1.41
billion).

Budget revenues exceeded the forecast of 18.829 billion manats
($11.08 billion) by 350.3 million manats ($206.1 million), or 1.9%,
reaching 49.7% of the annual revenue target.

Excluding SOFAZ transfers, state budget revenues amounted to
12.759 billion manats ($7.51 billion), exceeding the forecast by
2.8%.

Tax revenues accounted for 8.843 billion manats ($5.20 billion),
or 46.1%, of total budget revenues. SOFAZ transfers totaled 6.420
billion manats ($3.78 billion), or 33.5%, while customs revenues
reached 3.144 billion manats ($1.85 billion), or 16.4%. The
remaining revenue came from paid services provided by state-funded
organizations, leasing of state property and other sources.

Compared with budget projections, tax revenues exceeded the
target by 217.7 million manats ($128.1 million), customs revenues
by 10.4 million manats ($6.1 million), income from leasing state
property by 5.5 million manats ($3.2 million), and other revenues
by 246.2 million manats ($144.8 million). Revenue from paid
services provided by state-funded organizations fell 108.7 million
manats ($63.9 million) below the forecast, while SOFAZ transfers
were executed as planned.

Compared with the first half of 2025, tax revenues increased by
139 million manats ($81.8 million), customs revenues by 52.5
million manats ($30.9 million), income from leasing state property
by 6.3 million manats ($3.7 million), and revenue from paid
services provided by state-funded organizations by 38.6 million
manats ($22.7 million).