03.01.2012 - Azerbaijan State Oil Fund budget for 2012 approved with revenue surplus of 1.3pct

The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2012 was approved by a decree of President Ilham Aliyev on 29 December. Under the decree, SOFAZ budget revenues in 2012 will amount to AZN 10.697 bn and expenditures AZN 10.56 bn. As a result, the SOFAZ budget surplus is expected at AZN 135.726 million or 1.27% of its expected revenues. The budget was passed with oil export price forecast at $80 per barrel...............................................Full Article: Source

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