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.

1055 views


More Azerbaijan News

Moscow marks 99th anniversary of Azerbaijani Democratic Republic

Moscow marks 99th anniversary of Azerbaijani Democratic Republic

Moscow is hosting a traditional solemn event dedicated to the Azerbaijani Republic Day, which is celebrated every year on May 28, as Azerbaijan declared its independence establishing the Azerbaijan Democratic Republic on May 28, 1918. The …

Jeyhun Bayramov: Work with gifted children is one of Ministry of Education#039s priorities

Jeyhun Bayramov: "Work with gifted children is one of Ministry of Education's priorities"

Azerbaijani Deputy Minister of Education told Vestnik Kavkaza on the state support of the winners of the Olympiad

US State Department energy official to visit Baku

US State Department energy official to visit Baku

Deputy Assistant Secretary for Energy Diplomacy, US Department of State Robin Dunnigan will visit Azerbaijan, the US Embassy in Azerbaijan said. Dunnigan will lead a US delegation during the annual international …

Ilham Aliyev and Mehriban Aliyeva attend official reception on occasion of Azerbaijani Republic Day

Ilham Aliyev and Mehriban Aliyeva attend official reception on occasion of Azerbaijani Republic Day

Azerbaijani President Ilham Aliyev and first lady Mehriban Aliyeva have attended an official reception on the occasion of the Azerbaijani Republic Day at the Buta Palace. The national anthem …

Mammadyarov: Baku committed to Nagorno-Karabakh conflict#039s political settlement

Mammadyarov: Baku committed to Nagorno-Karabakh conflict's political settlement

Baku is committed to the political settlement of the Nagorno-Karabakh conflict on the basis of the principles of sovereignty, territorial integrity and inviolability of international borders, Azerbaijani Foreign Minister Elmar …

Ilham Aliyev lays wreath at Azerbaijan Democratic Republic memorial

Ilham Aliyev lays wreath at Azerbaijan Democratic Republic memorial

Azerbaijani President Ilham Aliyev laid a wreath at the memorial devoted to the Azerbaijan Democratic Republic in Baku today. The guard of honor was arranged around the memorial. Then the President laid a …

 Book about main directions of Azerbaijan#039s foreign policy 1991-2016 presented in Baku

Book about main directions of Azerbaijan's foreign policy 1991-2016 presented in Baku

The official presentation of the book titled 'Main Directions in Azerbaijan's Foreign Policy 1991-2016' was held in Baku today. It reflects the views of Azerbaijan's leading experts on the country's foreign policy …

Leningrad region and Republic of Azerbaijan preparing agreement

Leningrad region and Republic of Azerbaijan preparing agreement

They are going to significantly expand ties in the trade-economic, scientific-technical and cultural spheres

BP marks 25th anniversary of collaboration with Azerbaijan in London with Anglo-Azerbaijani Society (PHOTO)

BP marks 25th anniversary of collaboration with Azerbaijan in London with Anglo-Azerbaijani Society (PHOTO)

BP's headquarters in London hosted an event dedicated to BP's 25-year activity in Azerbaijan, organized jointly with the Anglo-Azerbaijani Society. The event was attended by the Vice-President of Communications and External …

Erdogan: Turkey highly appreciates Azerbaijan’s achievements in all areas

Erdogan: Turkey highly appreciates Azerbaijan’s achievements in all areas

Turkish President Recep Tayyip Erdogan has sent a congratulatory letter to Azerbaijani President Ilham Aliyev. “I would like to extend my sincere congratulations to Your Excellency …

more Azerbaijan News