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SOFAZ income prognosis fulfilled 42 % due to oil price fall

SOFAZ income prognosis fulfilled 42 % due to oil price fall

24 July 2009 15:15 (UTC +04:00)

Movsumov said the oil price was $70 per barrel when the Fundâ€™s budget was drawn, but it was $48 early 2009.

The Executive Director said despite that incomes reduced early this year, it began to increase in March.

â€œ4 915 million mantas are planning to be transferred from SOFAZ to the state budget by the end of the year. It will be implemented on the schedule coordinated with the Ministry of Financeâ€, said Movsumov.

SOFAZ oil contracts income was 2 989.3 million mantas, including profit oil and gas sale â€“ 2 907.6 million mantas.

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