OIL FUND TO ACCUMULATE SOCARвЂ™S EXTRA INCOMES
The money, being transferred to the Stabilization Fund, might be one of the main sources of income of the State Oil Fund of the Azerbaijan Republic (SOFAR).
Following the announcement, deputy finance minister Azar Bayramov told journalists that the subject of talks is the accumulations in form of forecast and real prices of SOCARвЂ™s exports of crude oil and petroleum products.
Upon the transfer of 325 billion manats (68 million U.S. dollars) accumulated in the Stabilization Fund since 2003 to date, the inflow and management of these reserves will be legalized. вЂњThe difference between budget-envisioned and export price [of crude] will be one of the main sources of incomes of SOFAR,вЂќ Bayramov promised.
Although the money has not been transferred to SOFAR, the Milli MajlisвЂ™ (parliament) approval of a package of changes in the 2005 state budget will mean the accounting of the above funds as SOFARвЂ™s revenues for