Oil price set in budget raised
The price for oil envisioned in the projections on Azerbaijan's
2008 state budget has been increased from the current $50 to $70 a
barrel. The parliament approved the government's relevant proposal
on Friday.
"The price in world markets currently exceeds $100. I therefore believe this change should be made," Finance Minister Samir Sharifov said days before the measure passed in the legislature.
The increase will allow to boost budgetary contributions of the State Oil Fund, the body that holds revenues from the exports of oil, from 1.1 billion manats to 3.8 billion manats ($4.57 billion), Sharifov told a parliamentary commission meeting last week.
"The price in world markets currently exceeds $100. I therefore believe this change should be made," Finance Minister Samir Sharifov said days before the measure passed in the legislature.
The increase will allow to boost budgetary contributions of the State Oil Fund, the body that holds revenues from the exports of oil, from 1.1 billion manats to 3.8 billion manats ($4.57 billion), Sharifov told a parliamentary commission meeting last week.
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