$ 12,1 billion will be transferred to State Budget from the SOFAZ in 2011 alone

$ 12,1 billion will be transferred to State Budget from the SOFAZ in 2011 alone

Although The State Oil Fund of the Republic of Azerbaijan (SOFAZ) assets reached 30,2bn USD dollars (July, 01, 2011), oil dependency was highly increased in Azerbaijan in 2011, the Center for Economic and Social Development (CESD) announced.  Fund’s assets increased from 22,8 billion at the beginning of 2011 up to 30 billion USD dollars. Share of oil sector in the state budget reached 78 % meanwhile oil sector contributes 65 % of GDP and more than 92 % of export is oil and oil products.

2011 state budget of Azerbaijan increased the reliance of the oil revenues.   With the approval of the amendments on the state budget on May, 2011, an additional 2,7 bn AZN  ($3,4 bn) will be transferred from the Fund.  9,5 billion AZN ($ 12,1 billion) will be transferred from Oil Fund to State Budget only in 2011 which is a 41.7 percent increase compared to the previous projection and 59 percent of the total budget revenues.

Azerbaijan will receive additional revenues worth about $6 billion due to the planned increase of the oil price by $20 to $80 a barrel in the country’s 2011 budget

 

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