...

Azerbaijani MP comments on SOFAZ transfers to state budget

Oil&Gas Materials 21 November 2017 14:53 (UTC +04:00)
Over the past 10 years, transfers of the State Oil Fund of Azerbaijan (SOFAZ) to the country’s state budget amounted to $76 billion
Azerbaijani MP comments on SOFAZ transfers to state budget

Baku, Azerbaijan, Nov. 21

By Anvar Mammadov – Trend:

Over the past 10 years, transfers of the State Oil Fund of Azerbaijan (SOFAZ) to the country’s state budget amounted to $76 billion, Azerbaijani MP Ziyad Samadzade said.

Samadzade, who also chairs Azerbaijan’s parliamentary committee for economic policy, industry and entrepreneurship, was speaking Nov. 21 at a plenary session of the Azerbaijani Parliament during discussion of the country’s draft state budget for 2018.

He noted that without the transfers from SOFAZ, great risks for Azerbaijan could emerge.

He also commented on the oil price set at $45 in Azerbaijan’s state budget for the next year. He said that if this indicator was higher, the government could face unnecessary risks, and if it was lower, the country would not be able to finance important projects.

Samadzade noted that setting the oil price at $45 in the state budget will allow Azerbaijan achieve a number of goals.

“Today, we are aiming at increasing the income of Azerbaijan’s budget by 3.3 billion manats,” he added. “This became possible thanks to the creation of new facilities, jobs and so on.”

(1.7002 manats = 1 USD on Nov. 21)

Tags:
Latest

Latest