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.

Read also

Apr 23 2014 - 21:06
Ilham Aliyev has met with the speaker of the Czech Parliament in the Czech Republic. They expressed satisfaction with the current state of bilateral relations and noted the significant contribution to the development of inter-parliamentary relations of cooperation between Baku and Prague, Trend reports.
Apr 23 2014 - 14:48
Vice Admiral Shakhin Sultanov, ex-commander of the Azerbaijani Navy, was arrested three days ago accused of mass property theft, Trend reports.In March 2013 Sultanov was dismissed as the commander.
Apr 23 2014 - 14:36
Deputy Head of the Azerbaijani State Migration Service Parviz Musayev said at the 2014 Caspian Energy Forum that Azerbaijan and Russia were negotiating cooperation in migration issues, Trend reports.The official noted that Russia had received the text of an agreement for labor migration. Azerbaijan has already ratified a similar document signed with Turkey, according to Musayev.
Apr 23 2014 - 12:36
Azerbaijani Foreign Minister Elmar Mammadyarov met Russian co-chair of the OSCE Minsk Group Igor Popov in Moscow, APA reports.Mammadyarov noted that Russia was trying to give the peaceful process a push. He expressed hope that the negotiations will activate.In his words, the status quo of the conflict was unacceptable. Mammadyarov added that Armenia should withdraw forces from the occupied territories of Nagorno-Karabakh.
Apr 23 2014 - 11:13
U.S. Ambassador to Azerbaijan Richard Morningstar has expressed hope that Azerbaijani and Armenian presidents would have a new round of talks in the near future, Trend reports.The ambassador reminded that the U.S. was actively encouraging negotiations as a member of the OSCE Minsk Group.
Apr 23 2014 - 09:34
Azerbaijani Foreign Minister Elmar Mammadyarov said that Azerbaijan had no problems with Turkmenistan in the Caspian Sea, Trend reports.He noted that Azerbaijan wanted the Caspian to be the sea for cooperation and security.Foreign ministers of Caspian countries met in Moscow yesterday to discuss progress on the final convention of the Caspian Sea. Another meeting will be held in Tehran in June.
Apr 22 2014 - 17:18
Azerbaijan and Cambodia are going to establish an intergovernmental commission for mutual cooperation in the spheres of economy, trade and investment, Cambodia's Trade Minister San Chathol is quoted by the APA agency as saying after the bilateral business forum held in Baku.