Finance minister: Azerbaijan’s 2020 budget not strongly affected by lower oil prices (UPDATE)
Details added (first version posted on 10:52)
BAKU, Azerbaijan, March 13
The structure of Azerbaijan’s state budget has been set in such a way that the lower oil prices do not strongly affect it, said Azerbaijan’s Finance Minister Samir Sharifov.
He was commenting on the impact of the lower oil prices on Azerbaijan during Hedef TV program on AzTv, Trend reports.
The minister said it is because the oil revenues of the state budget come from two sources: taxes paid by companies operating under production sharing agreements and taxes paid by Azerbaijan’s State Oil Company SOCAR.
“The revenues and taxes of SOCAR come from sales of products primarily in the domestic market, where these prices are stable. We are absolutely sure that SOCAR will receive the forecast revenues and fulfill its tax obligation,” noted Sharifov.