Azerbaijan, Baku, May 26 / Trend , E. Ismayilov/
Rise in oil prices on world market brings them closer to forecast of oil prices according to which the State Oil Fund of Azerbaijan (SOFAZ) revenu for 2009 was formed, which confirms that there is no need to hurry with making adjustments to the budget, SOFAZ head Shahmar Movsumov said.
"We have set the budget under oil prices at $70 per barrel. So, higher oil prices will enable to reach the figures we have estimated for the budget," Movsumov said. "There is no need to hurry to make adjustments to the budget. We must wait until end of the year and adopt a decision given the situation."
Movsumov said earlier that if oil prices keep at $50 per barrel, the SOFAZ assets will total $11 billion by end of this year.
"The SOFAZ expenditures will depend on the volume of income. SOFAZ does not expect SOFAZ assets to fall," Movsumov said.
If oil prices total $70 per barrel, SOFAZ revenues are expected to be 8 billion manat. Revenues from gas sale will account for 200-300 million manat. The revenues amounted 1.349.2 million manat with oil prices at $50m per barrel in the first quarter of 2009. About 1.272.200 million manat accounts for revenues from gas and oil export. In the first quarter, SOFAZ transferred 1.330 million manat to the state budget.
The SOFA revenues are estimated at 8.4 billion manat and expenditures 5.3 billion manat in 2009.
The SOFAZ assets totaled 8.721.4 million manat ($10.863 million) as of April 1and 11.219 billion in 2008.
On May 26, the official exchange rate is 0. 8036 manat to $1
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