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SHIPPING NEWS » ENERGY

Azerbaijan raises oil export price forecast for State Budget up to $80 a barrel

The Ministry of Finance of Azerbaijan has drafted a document to amend the Law on State Budget for 2011.
Thursday, 12.May.2011, 22:26 (GMT+3)

The Ministry of Finance of Azerbaijan has drafted a document to amend the Law on State Budget for 2011.

A government source says that the bill has been already submitted to the Cabinet Ministers. "The document says of an increase in the forecast of export price of oil from $60 up to $80. Although today Azeri oil is traded above $100, we cannot risk and fix the price forecast for State Budget at the level of $100 a barrel," the source said. Increase of oil export price forecast will lead to an increase in forecast on transfers on income tax for the State Oil Company of Azerbaijan (SOCAR), according to deputy finance minister Azer Bayramov’s estimates, by 160 million manat.

Another 800 million manat can be received additionally from the Azerbaijan International Operating Company (AIOC). State Budget 2011 was adopted with a forecast on income tax transfer from SOCAR at the level of 1.08 bn manat.

The shareholders of the AIOC (operator for development of Azeri-Chirag-Guneshli field block) were to transfer 600 million manat. According to primary estimates, the State Budget 2011 profitable part in the process of correction can be increased by about 1 bn manat.Azerbaijan’s budget 2011 bases itself on average oil price of $60 a barrel.

Today prices are at the level of $110-120 a barrel, and the U.S. Department of Energy forecasts the average oil price for 2011 to reach $105 a barrel.Azerbaijan’s budget for 2011 was approved with revenues of AZN 12.061 bn and expenditures of AZN 12.748 bn. Deficit of Azerbaijan’s State Budget 2011 is forecasted to reach AZN 687 million or 1.7% of GDP.Source: ABC.AZ

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tozar1

azerbeycan dost �lke ayn� zamanda ayr�lmaz m�sl�man t�rk cumhuriyeti bir b�t�n�z.

avni tozarFriday, 13.May.2011, 23:12

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