Revenues of Oil Fund in 2018 to be 42% higher than forecasted figures

The Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) at a meeting on Friday considered the draft budget execution for the Fund in 2017 and amendments to the budget of 2018, SOFAZ said.

The Board recognized the report on the activities of the Fund in 2017, the conclusion of the independent auditor (PricewaterhouseCoopers) and the amendments to the Fund’s budget for 2018 for approval to the President of the country,” the report says.

It should be noted that the revenues of the Oil Fund in 2017 amounted to 12 billion 137.5 million manat (with an average oil price of about $ 55 per barrel – Turan), and the expenses were 11 billion 15.5 million manat.

The revenues of SOFAZ for 2018 were approved in the amount of 11 billion 559 million 956.2 thousand manat (with the forecast of oil price $ 55 per barrel), and the expenses were approved as 9 billion 730 million 221.8 thousand manat.

According to the forecasts of the Caspian Barrel, in the current year the real revenues of SOFAZ will be about 16.5 billion manat, as the average price for oil in the first half of the year was $ 73 per barrel. So far there are no signs of a decline in oil prices in the second half of the year.