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

Sep 16 2014 - 12:05
 Azerbaijani Foreign Minister Elmar Mammadyarov has met Romanian Energy Minister Razvan Nicolescu and discussed the AGRI energy project, Trend reports.Azerbaijan praised Romania for cooperation, alternative energy sources and informed him about progress in realization of the TANAP and TAP projects. 
Sep 15 2014 - 13:57
Azerbaijani Foreign Minister Elmar Mammadyarov has arrived in Romania today to discuss prospects of bilateral relations, Trend reports.
Sep 15 2014 - 13:22
Dmitry Rogozin, Russian deputy prime minister, a co-chair of the Russian-Azerbaijani Inter-Parliamentary Commission for Economic Cooperation, said at a session of the Commission today that Western sanctions made Russia and Azerbaijan closer to each other. He noted that the trade turnover between the two states had reached $3.6 billion in 2013, exceeding the volume in 2012 by 5%.
Sep 15 2014 - 11:31
LDPR leader Vladimir Zhirinovsky will visit Baku in late September. He will have meetings in Baku and other parts of the country, study development in the republic, reports.
Sep 13 2014 - 13:10
 President of the Parliamentary Assembly of the Council of Europe (PACE) Anne Brasseur is expected to pay a visit to Azerbaijan on Septemter 21-25, Azerbaijani news agency Trend cites the body's official website as saying.
Sep 12 2014 - 16:30
Georgian Prime Minister Irakli Alasania has paid a two-day visit to Azerbaijan Baku. In Baku the head of the Georgian cabinet has met with Azerbaijani President Ilham Aliyev and his Azerbaijani counterpart Artur Rasizade.
Sep 11 2014 - 21:07
Today the President of Azerbaijan Ilham Aliyev met a delegation headed by the Federal Minister for European Affairs, Integration and Foreign Affairs of Austria, Sebastian Kurz.