What will be oil sector’s share in Azerbaijan’s state budget in 2019?
Baku, Azerbaijan, Oct. 24
By Ilkin Shafiyev - Trend:
In Azerbaijan’s draft state budget for 2019, 82.9 percent of revenues (11.364 billion manats) from the oil sector account for transfers from the State Oil Fund of Azerbaijan (SOFAZ), while 17.1 percent (2.336 billion manats) account for tax revenues from the oil sector.
The budget package has been submitted to the Azerbaijani parliament for consideration.
In line with the draft state budget for 2019, as a whole, the SOFAZ transfers increased by 3.6 percent or 398.3 million manats compared to the projected figure for 2018.
In the structure of tax revenues from the oil sector, the SOFAZ payments to the state budget account for 1.450 billion manats or 62.1 percent, while payments for the tax on profits from shared production agreements in the oil and gas sector account for 886 million manats or 37.9 percent.
The forecast of oil prices set in the state budget for 2019 to calculate oil revenues amounts to $60 per barrel. This price has been formed considering expectations of international financial organizations, which predict the price of oil for the next year within $60-$70 per barrel, and other global factors.
Some 59.8 percent of the forecast for state budget revenues for 2019, or 13.7 billion manats, will account for the share of the oil sector, while 40.2 percent, or 9.217 billion manats, will account for the share of the non-oil sector.
(1.7 manats = 1 USD on Oct. 24)
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