SOFAZ expects significant increase of its revenues
Azerbaijan, Baku, January 26 / Trend , E.Ismaylov/
In 2010, the State Oil Fund of Azerbaijan (SOFAZ) expects its revenues to exceed forecasts, the head of SOFAR Shahmar Movsumov said on Jan. 26.
"The State Oil Fund revenues for this year were approved at 5.96 billion manat, and expenditure - 5.43 billion manat, that is actually 90 percent of revenues is planned to cover expenditure," said Movsumov. We approached very conservatively in preparing budget forecasts".
Budget of the Fund consists of calculating the price of oil at $45 per barrel. However, since the beginning of the year, oil prices range between $70-80 per barrel, and this confirms the fact that 90 percent of additional revenues will be kept, said Movsumov.
The average price for Azerbaijani oil in 2009 was $56 dollars per barrel, while in 2008 it totaled $70 per barrel.
As a result of 2009, State Oil Fund expenditures amounted to 5.29 billion manat compared to 4.29 billion manat in 2008. In 2007 this figure amounted to 1.06 billion manat, and in 2006 - 981.4 million manat.
During 2001-2009, the transfers from SOFAR to the Public budget amounted to 10.26 billion manat.
Official rate on Jan 26 is 0.8034 AZN/USD.