BAKU, Azerbaijan, November 29. The budget deficit of the State Oil Fund of Azerbaijan in 2023 is predicted to be 2.4 million manat ($1.4 billion), Trend reports referring to the Chamber of Accounts of Azerbaijan.
According to the Chamber, the revenues of the fund are more likely to be almost 9 billion manat ($5.2 billion), while the expenditures - more than 11.3 billion manat ($6.6 billion).
"The volume of oil extracted from the Azeri–Chirag–Gunashli oil field is going to be 23.5 million less, while the extraction of natural gas from the Shah Deniz gas field will be 1.5 billion cubic meters more. Considering the cost of one barrel of oil, laid down in the draft state budget for 2023 in the amount of $50 per barrel, it is expected that the revenues of the state fund will be 9 billion manat ($5.2 billion), and the expenditures will be 11.3 billion manat (6.6 billion)," said in the Chamber.
Moreover, from January to October 2022 the net income of the SOFAZ was 613.819 million manat ($361 million).
"However, losses are expected on the income from the fund's management in the amount of 4.8 billion manat ($2.8 billion). Therefore, the state fund's budget for 2022 will be executed with a loss of 4.2 percent (660 million manat less - $388 million)," said the Chamber of Accounts.
The assets of SOFAZ as of October 1, 2022, totaled $45.3 billion.