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.