High oil prices to enable to increase remittances to State Oil Fund of Azerbaijan
In connection with the current sate of oil prices at the market in 2006 the revenues of the State Oil Fund of Azerbaijan are expected to reach $1.5-2bn, the head of the Price, Economic and Credit-financial Department of the Cabinet of Ministers, Oktai Hagverdiyev, even in the beginning of the year the revenues were expected to comprise $1bn, while current growth pace of oil prices enables to guess the revenues to reach $1.5-2bn.
It concerns total oil revenues, as the additional revenues reemitted by the SOCAR to the public budget are also transferred to the State Oil Fund. Earlier there was a transit account in the treasury, where the additional funds obtained as a result of high oil prices exceeding in the figure projected in the public budget were accumulated. After the correction of budget forecasts it rose from $40 to $45 per barrel of oil.
On 19 July the price for AZERI LT CIF Augusta was $72.69 per barrel (- $3.21 per barrel against the previous price). The price for DTD was $71.50 (- $3.26 per barrel) per barrel.