Azerbaijan expects additional $6 billion from oil sales

23 May 2011 - 1:56pm

Oil prices per barrel rose from $60 to $80. Azerbaijan expects an additional 5 billion mantas from oil sales in 2011, Trend reports.

The Accounts Chamber said that adjustments to the law on state budget of Azerbaijan in 2011 will give 770 million mantas to the state budget and 3,500-4,000 to the State Oil Fund.

The oil prices in January-April 2011 exceeded $100 per barrel. Currency reserves will stay at $30 billion after all transfers are realized by the fund. SOCAR transfers are expected to be at 9.18 billion mantas in 2011, rising by 41.7% (2.7 billion mantas), compared to forecasts, making 59% of budget income.

The committees for economic and social policy of the Azerbaijani Parliament recommended amendments to the budget of 2011.

Finances Minister Samir Sharifov said that the high oil prices have been exceeding the planned budget price by 80% for a long time. Additional income reached 976.4 million mantas, compared with the planned 193.5 million in 2011. Additional income reached 1.1 billion mantas.

The state budget expects 3.684 billion mantas of extra income.

The currency rate on May 23 is 0.79 AZN/USD.

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