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Sovereign Wealth Funds Briefing - Categorized | Financials

Azerbaijan expects additional $6 bln from oil sales

Posted on 24 May 2011

Oil prices per barrel rose from $60 to $80. Azerbaijan expects an additional 5 billion mantas from oil sales in 2011. 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……………………………………….Full Article: Source


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