Oil Fund revenues predicted at $4.5bn in 2008
95% of the proceeds will come from the sale of profit oil, SOFAZ
Executive Director Shahmar Movsumov told a news conference
Thursday.
He said that during the drafting of next year's budget, the price per barrel of oil was set at $50, the same figure cited for 2007.
The fund is expected to transfer 1.1bn manats ($1.3bn) to the state budget in 2008.
We recall that SOFAZ's budget revenues amounted to $1.57bn, while budget spending - $891m in January-September 2007. The fund's assets have grown 45.5% this year to reach $2.166bn.
Movsumov said a lion's share of the proceeds - 87.4% - is kept in securities. 63.58% of the assets is kept in US dollars, while 31.95% in Europe's single currency, the Euro, and 4.47% in pounds.
90% of SOFAZ means are managed by the fund itself.
He said that during the drafting of next year's budget, the price per barrel of oil was set at $50, the same figure cited for 2007.
The fund is expected to transfer 1.1bn manats ($1.3bn) to the state budget in 2008.
We recall that SOFAZ's budget revenues amounted to $1.57bn, while budget spending - $891m in January-September 2007. The fund's assets have grown 45.5% this year to reach $2.166bn.
Movsumov said a lion's share of the proceeds - 87.4% - is kept in securities. 63.58% of the assets is kept in US dollars, while 31.95% in Europe's single currency, the Euro, and 4.47% in pounds.
90% of SOFAZ means are managed by the fund itself.
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