Oil Fund’s projected revenues for 2023 published


November 29, Fineko/abc.az. The projected revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the next year are about 1.8-fold less than the projected revenues for the current year, ABC.AZ reports with reference to the conclusion of the Accounts Chamber.

According to the draft decree, Fund's budget revenues were projected in the amount of AZN 8.99 bn. The indicator is by AZN 6.994 bn or 43.8% less versus relevant performance indicator of 2021, by AZN 6.798 bn or 43.1% less than the forecast for 2022 and by AZN 6.137 bn or 40.6% less than the expected performance indicator of 2022.

The average annual export price per barrel of oil, which is the base indicator of SOFAZ budget for 2023, is $50 for the next year, the price of gas in the European hub is $788 per 1,000 cu m (according to information provided by BP), and the average annual rate of the Azerbaijani manat against the US dollar is adopted at 1.7 AZN.