Azerbaijan raises oil export price forecast for State Budget up to $80 a barrel 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.
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
The
Ministry of Finance of Azerbaijan has drafted a document to amend the
Law on State Budget for 2011.
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