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Azerbaijan may readjust state budget oil revenue estimate

Azerbaijan may readjust state budget oil revenue estimate

15 January 2009 10:58 (UTC +04:00)

According to him, the oil revenue estimate might be cut to $50 a barrel, compared to $70 a barrel at present.

â€œPreviously, we suggested that the state budget should be built on revenue estimates of oil priced at US$70 a barrel for 2009. Then, they didnâ€™t accept our proposal,â€ he added.

Vahid Ahmadov added that the current fluctuation of oil prices in the range of $40-45 on the world market will not pose serious problems for Azerbaijan.

â€œThere is about AZN 5 billion transfers ($6 billion) to the state budget from the State Oil Fund. For this reason, we can not speak of any threatening problems. However, some major projects to be financed through the 2009 budget may be deferred. Social projects will absolutely be implemented,â€ he added.

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