The government reduces considerably the costs of the Oil Fund

Baku/08.10.13/Turan : In the future , the transfers from the State Oil Fund of Azerbaijan (SOFAR) in the state budget will be reduced  considerably. According to forecasts of the consolidated budget,  presented by the government  to the  Milli Majlis,  in 2014 SOFAR’s transferences to the state budget will amount to 9 billion 337 million manats ($11billion 925 million at current exchange rates.)

This year the volume of direct transferences  of oil revenues to the state budget is projected at 11 billion 350 million manats ( $ 14 billion 495 million.)

Thus, in the future, it is planned to  reduce transfers to the state budget 17.7 %.

According to Turan, investment costs of  SOFAR  will also be reduced considerably: only 1 billion 921 million manats ($ 2 billion 453.5 million.) This year 6 billion 915 million manats ($8 billion 831 million) have been allocated for this purpose. Reduction of investment costs amount to 72.2 %, or 4 billion 993.9 million.

Total costs of SOFAR in 2014 are expected to reach 11 billion 291 million 800,000 manats ($ 14 billion 421.2 million.) Compared to the forecast data in 2013 , the cost of the Oil Fund will be reduced by 2 billion 108 million  and 200,000, or 15.7 %.-0-