The correction of the public budget forecasts for 2006 will mot affect the mechanism on remittances of additional oil revenues to the State Oil Fund, the Minister of Finances, Samir Sharifov, told Trend. The existing mechanism has been accorded by the State oil Company of Azerbaijan (SOCAR) and the SOFAR, the Ministry of Finances and the Ministry of Economic Development.
As the mechanism, defined by the law on 2006 public budget specifies, in case the oil prices vary from $40 to $50, 50% of revenues are remitted to the SOFAR, while if prices exceed $50 then 75% of revenues are remitted to the State Oil Fund. So, there is no necessity for changing it, the minister said.