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Sovereign Wealth Funds Briefing - Categorized | Financials

SOFAZ expects deficit-ridden budget in 2015

Posted on 27 October 2015

Azerbaijan’s state oil fund SOFAZ expects its budget for 2015 to be deficit-ridden due to the long decline in world oil prices. SOFAZ told Trend last week that while drawing up the fund’s budget for 2015, the basic parameters of the state budget were taken as a basis and the expected oil price was set at $90 per barrel.
“Taking into account an oil price of $50 per barrel, SOFAZ’s total income, including the proceeds from the sale of oil and gas are predicted at 7.4 billion manats [$7.05 billion] until late 2015, which is 28 percent less than SOFAZ’s income approved for this year,” SOFAZ said………………………………………..Full Article: Source


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