Revenue growth of SOFAZ in 2012 not to result in cost increase

Revenue growth of SOFAZ in 2012 not to result in cost increase

Azerbaijan, Baku, June 5 /Trend E.Ismayilov/

The state budget of Azerbaijan is stable to fluctuations in oil prices on the world markets, the executive director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov said on Tuesday.

"An increase of oil prices forecast in the budget for 2012 to $100 automatically increases the revenues of the oil fund, because we're also counting on the basis of this price, whilst our expenditures remain the same," Movsumov said.

As a result of adjusting the projected parameters of the state and consolidated budgets of Azerbaijan in 2012, the forecasted oil price has increased from $80 to $100 per barrel.
State Oil Fund revenues for 2012 were approved at 10,697 030.6 thousand manat, and expenses at 10,751,304 manat.

Net proceeds generated from the sale of Azerbaijani hydrocarbons in the revenue part of the SOFAZ budget are provided to 10,365,432 manat; revenues from oil and gas transportation through the territory of Azerbaijan to 8137 thousand manat, income from asset allocation and funds were 319, 218.8 thousand manat and other income 900,000 manat.

According to the SOFAZ budget, transfers to the state budget in 2012 will amount to 9905 million manat, financing the reconstruction of the Samur-Absheron irrigation system - 200 million manat, construction of new railway Baku-Tbilisi-Kars - 252 484 000 manat and the state programme on training of Azerbaijani students abroad in 2007-2015 is 20 million manat. Financing costs of measures to improve social and living conditions of refugees and internally displaced persons are expected to be 300 million manat.

The cost of management of the oil fund will be at 73, 820 000 manat.

SOFAZ assets increased by 30.9 per cent in January 1, 2012 compared to the beginning of last year ($22 billion 766.8 million) and amounted to $29.8 billion. According to forecasts, by the end of 2012, assets of SOFAR will reach the level of $34 billion.

State Oil Fund was established in 1999 and then its assets amounted to $271 million.

Official exchange rate on June 5 /Trend 0.7857 AZN/USD/

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