Azerbaijan seeks opportunities for transfer of additional revenues from oil export to Oil Fund - PM
The Azerbaijani government is considering opportunities for remitting additional incomes from oil export to the State Oil Fund of Azerbaijan, including the revenues in profits taxes remitted by contractor companies under the oil and gas projects, the Azerbaijani Prime Minister Artur Rasizade told journalists on 11 May, Trend reports.
He predicted that such opportunity might appear in the near future.
In compliance with the mechanism specified by the law on 2006 Public Budget, 50% of additional revenues if oil prices ranging from $40 to $50) and 75% if oil prices exceed $50 will be given to the SOFAR. It is not planned to change this mechanism within the framework of measures in corrections in the 2006 public budget.
Rasizade regarded as real the use of SOFARs funds on financing the investment projects in the country. But the risk boosts if to use the internal resources, he stressed. The careful and wise approach is shown to the use of own funds worldwide, so it would be better to borrow from the international organizations and be quiet then, the PM underlined.