Azerbaijani State Oil Company’s Incomes to be Doubled in 2008

Oil&Gas Materials 1 November 2007 18:07 (UTC +04:00)

Azerbaijan, Baku / Trend corr. I.Khalilova / The incomes of the State Oil Company of Azerbaijan (SOCAR) to double in 2008. The incomes of the fund are forecasted to comprise AZN 3.6bln ($4.5bln) in 2008 as compared AZN 1.6bln in 2007, Shahmar Movsumov, the executive director of the fund, said on 1 November.

According to Movsumov, the profitable part of the budget will increase at the expense of payments from sale of oil.

The fund will also increase expenditures in the next year. The expenditure part of the fund for 2008 is forecasted in amount of AZN1, 680bln as compared to AZN 1.1bln in 2007.

The fund is planning to allocate AZN 1.1bln to the State budget in 2007, Movsumov said.

The incomes of the Oil fund have been made up $5bln, expenditures- $2.8bln.

The forecast of the fund has been submitted to the National Council headed by Artur Rasizadeh, the Azerbaijani prime Minister to approve.