During quarter 1, 2016 oil and gas proceeds totaled 1,991,300,000 AZN or 54.14% of revenues of the Azerbaijan state budget. When the oil price was between $100 and $110 per barrel, this index constituted about 72-73%.
From January to March 2016 revenues of Azerbaijan state budget totaled 3,678,100,000 AZN (the forecast overfullfilled by 3%), while expenses – 2,623,500,000 AZN (73.3% of forecast fulfilled), reported Turan quoting Azerbaijan Finance Ministry.
Transfers from the Azerbaijan State Oil Fund totaled 1,660,000,000 AZN. The Oil Fund’s resources constituted 45.1% in the revenues of the state budget.
The Taxes Ministry transferred 1,542,000,000 AZN (forecast overfulfilled by 1.4%) to the state budget and 331.3 million AZN was transferred from the oil industry. 416.9 million AZN was transferred to the budget from the State Customs Committee and the remaining is other revenues.
* In 2016 the Azerbaijan state budget revenues are forecast to total 16,822,000,000 AZN, while expenses – 18,495,000,000 AZN, the budget deficit – 1,673,000,000 AZN or 2.9% of GDP. The state budget is based on an average oil price of $25.00 per barrel.—0—
Economics
-
The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
-
Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
-
Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
-
The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
Leave a review