Ibadoglu: "Less Waste Oil Revenues"

According to a member of the Board of ERC Gubad Ibadoglu, in accordance with the program of the "Contract of the Century" and other agreements, the government received from the extraction of oil at $ 84 billion net income, 60% of which (50 billion) has been spent on the implementation of investment projects. This year, the reserves of the State Oil Fund will spend another $ 14 billion.

According to the calculations of ERC up to 2024 (based on the price of a barrel of oil at $ 80), the government is working, including money from the sale of gas, $ 145.3 billion if we assume that the price will rise to the hundred dollar mark, revenues will increase by $ 11 - 15 billion. The chief thing is not profit, but the ability to properly use the proceeds from the sale of natural resources, said the expert.

The strategy adopted by the state of long-term oil and gas revenues actually not executed. One of its most important conditions is to keep 25% of profits for future generations, but 78% of last year's profit has already been spent. "Excessive spending leads to unnecessary additional international debt obligations. Therefore it is necessary to take the limit spending," says Professor of Economics.

In his opinion, should be equal to the global experience, including Norway, the United States, the Netherlands and other advanced countries. - 17D-