Azerbaijani State Oil Fund’s budget determined with surplus

Oil&Gas Materials 24 January 2020 09:29 (UTC +04:00)
Azerbaijani State Oil Fund’s budget determined with surplus

BAKU, Azerbaijan, Jan. 24

By Eldar Janashvili – Trend:

The budget of the State Oil Fund of the Azerbaijan Republic (SOFAZ) for 2020 has been determined with a surplus of 794.2 million manat ($467.1 million), Trend reports referring to the report of the Chamber of Accounts on SOFAZ’s budget.

The revenues and expenses of SOFAZ’s budget for 2020 are envisaged at 12.4 billion manat ($7.2 billion) and 11.6 billion manat ($6.8 billion), respectively.

At the same time, SOFAZ’s envisaged income in relation to the forecast indicator for 2019 is less by over 3 billion manat that’s $1.7 billion (by 29.7 percent) while in relation to the executed indicator - by 5.5 billion manat that’s $3.2 billion (by 30.9 percent).

In the structure of revenues, the volume of net revenues obtained from the sale of hydrocarbons accounting for Azerbaijan is forecasted at 10.6 billion manat ($6.2 billion).

The revenues obtained from payments for the use of the contract area are estimated at 4.7 million manat ($2.7 million) as in 2019.

The transit revenues will amount to 19.4 million manat ($11.4 million). Bonus payments are envisaged at 765.3 million manat ($450.1 million).

The revenues obtained as a result of managing SOFAZ’s funds are forecasted at over 1 billion manat ($588.2 million).

In the structure of expenses, financing of measures related to the social and housing issues of internally displaced people in 2020, as in 2019, will amount to 200 million manat ($117 million).

The payments to the state budget are envisaged in the amount of 11.3 billion manat ($6.6 billion).

The expenses within the state program of increasing the international competitiveness of the higher education system in Azerbaijan for 2019-2023 are estimated at 10 million manat ($5.8 million).

The expenses associated with managing SOFAZ are forecasted at around 29.9 million manat ($17.5 million).

(1 USD = 1.7 AZN on Jan. 24)