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

Aug 29 2014 - 19:56
The personal representive of the OSCE chairman-in-office, Anjey Kaspşik, and field assistants Yevgeny Sharov, Irji Aberle and Peter Svedberg conducted today a monitoring of the Azerbaijani-Armenian frontline,
Aug 29 2014 - 18:54
Georgian President Georgi Margelashvili met today with Muslim spiritual leader of the Caucasus Sheikh-ul-Islam Allahshukur Pashaazade,
Aug 29 2014 - 18:46
The Azerbaijani Foreign Ministry has told journalists that the U.S State Department's statement on the human rights situation in the country is unfounded,
Aug 29 2014 - 17:45
Armenian serviceman Akop Indzhigulyan, who had been detained in Azerbaijan, has recently been freed and handed over to some other country, the Azerbaijani branch of the International Red Cross Committee says in a statement. 
Aug 29 2014 - 17:12
Azerbaijani President Ilham Aliyev has congratulated Ahmet Davutoglu, who has recently been appointed as the new prime minister of Turkey, on taking his new office,
Aug 29 2014 - 16:59
The OSCE Minsk Group should react to the colonization of Nagorno-Karabakh by Yazidis launched by the Armenian authorities, the Azerbaijani Foreign Ministry says in a statement. According to Azerbaijan, such a move prevents a peaceful resolution of the conflict and violates the Geneva convention.
Aug 29 2014 - 14:27
European Commissioner for Enlargement and Neighbourhood Policy Stefan Fule will visit Baku on September 8-9 for an informal meeting with foreign ministers of the Eastern Partnership states. He will meet with authorities of Azerbaijan and discuss cooperation.
Aug 29 2014 - 12:09
Georgian Catholicos-Patriarch Ilia II has received Sheikh-ul-Islam Allahshukur Pashazadeh, the head of the Caucasus Muslim Administration, at Tbilisi Airport. Pashazadeh greeted Ilia II on behalf of Azerbaijani President Ilham Aliyev and congratulated him on his 65th birthday, which he marked three days ago.Pashazadeh will meet the president and speaker of the Georgian parliament.