In 2013, for the first time budget of the Petroleum Fund will be scarce

Next year, the State Oil Fund of the Azerbaijan Republic (SOFAR)  will begin funding two major projects of national importance: Transanatolian pipeline (TANAP) and the construction of a new petrochemical complex of  SOCAR in Garadagh district of Baku, said at today’s  meeting of the parliamentary committee for the state budget of Azerbaijan for 2013-th year, the executive director of the State Oil Fund,  Shahmar Movsumov.

According to him, in 2013, the Oil Fund revenues for the coming year are forecast at $11.819 billion manat ($ 15.1 billion at current exchange rates), expenses - 13.599 billion manat ($ 17.3 billion.) SOFAR’s budget deficit will be 1.78 billion manat ($ 2.2 billion), and will be covered by the assets of the Petroleum Fund itself. It is noteworthy that for the first 12 years of the functioning of  the State Oil Fund, its budget will be scarce.

Budget revenues of the Fund are based on the average export price of Azeri oil at $ 100 per barrel.

SOFAR’s Executive Director also said that next year the funds will be used for the following projects:

- transfers to the state budget - 11.35 billion manat;

- improvement of social conditions of refugees and internally displaced persons - 300 million manat;

- a project of the Baku-Tbilisi-Kars- 138 million manat;

- training of Azerbaijani students abroad - 34 million manat;

- completion of the project of the Samur-Absheron canal - 27 million manat. --12B--