TODAY.AZ / Business

Revenues of Azerbaijani Oil Fund likely to triple in 2008

17 April 2008 [16:00] - TODAY.AZ
The revenues of the Oil Fund of Azerbaijan may exceed the plan by three times in 2008.
The due announcement was made by Shahmar Movsumov, chairman of the State Oil Fund of Azerbaijan.

"The rise in world oil prices up to $114 per barrel causes rise in SOFAR expenses. We do not rule out that despite the planned figure of expenses of $3,600,000,000, the volume of revenues may reach $10,000,000,000", said he.

Movsumov noted that the planned review of the country's budget will lead to reconsideration of the amount of the transfer from SOFAR to the Azerbaijani budget.

"We expected the rise of revenues and were ready for it. Therefore, we prefer the conservative ways of assets management. However, new proposals on the effective use and strategic allocation of funds are getting ready, which will lead to risky and highly profitable transactions", said Movsumov.


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