Azerbaijan expects additional $6 billion from oil sales

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.

930 views


More Azerbaijan News

Azerbaijani-Iranian pharmaceutical plant#039s construction launched in Baku

Azerbaijani-Iranian pharmaceutical plant's construction launched in Baku

A groundbreaking ceremony of the Azerbaijani-Iranian joint pharmaceutical plant, Caspian Pharmed, was held in the Pirallahi Industrial Park in Baku. Azerbaijani Minister of Economy Shahin Mustafayev and …

E-signature used in Azerbaijan to be recognized in EU

E-signature used in Azerbaijan to be recognized in EU

Electronic signature used in Azerbaijan will be recognized in the EU countries, Christian Rupp, spokesman of the Digital Austria platform in the Austrian Federal Chancellery, told reporters in Baku, Trend reports. A …

Azerbaijani serviceman killed during Armenian provocation

Azerbaijani serviceman killed during Armenian provocation

Azerbaijani serviceman Fikret Bashirov was killed as a result of shelling the positions of the Azerbaijani army by the Armenian armed forces, the Azerbaijani Defense Ministry said in a message Jan. 15, Trend reports. …

Baku to host 2019 Summer European Youth Olympic Festival

Baku to host 2019 Summer European Youth Olympic Festival

It was originally due to be staged in Minsk

Azerbaijan#039s economic priorities for 2017

Azerbaijan's economic priorities for 2017

Azerbaijan’s success today is an outcome of comprehensive, specific and targeted efforts of the past few years

 Azerbaijani Foreign Ministry condemns Karabakh regime’s participation in KVN

Azerbaijani Foreign Ministry condemns Karabakh regime’s participation in KVN

“We are expressing regret and dissatisfaction over the invitation of the teams, acting on behalf of so-called regime created in the occupied territories of Azerbaijan by Armenia, to the 28th International Festival of KVN  which will be …

Russia reacts to Armenia’s reluctance to return Azerbaijani soldier’s body

Russia reacts to Armenia’s reluctance to return Azerbaijani soldier’s body

A tragic incident recently happened between Azerbaijan and Armenia, and Moscow believes the two countries need to find the wisdom, strength and diplomatic opportunity to resolve this problem, Russian Foreign Ministry spokesperson Maria …

OSCE chair and Lavrov to discuss Karabakh settlement

OSCE chair and Lavrov to discuss Karabakh settlement

OSCE chairperson-in-office, Austria’s foreign minister, Sebastian Kurz and the Russian Foreign Minister Sergey Lavrov will mull the Nagorno-Karabakh settlement in Moscow, the Russian Foreign Ministry …

Azerbaijani President meets PACE Monitoring Committee co-rapporteurs

Azerbaijani President meets PACE Monitoring Committee co-rapporteurs

Azerbaijani President Ilham Aliyev has received co-rapporteurs of the Monitoring Committee of the Parliamentary Assembly of the Council of Europe, Cezar Florin Preda and Stefan Schennach. They …

AZAL stops Baku - Ganja flights

AZAL stops Baku - Ganja flights

Azerbaijan Airlines (AZAL) has stopped its domestic flights on the Baku–Ganja–Baku air route due to unprofitability on these flights on January 9, the press service of the company said. Daily flights on route …

more Azerbaijan News