Azerbaijan, Baku, Jan. 28/ Trend I. Khalilova/
With a price on oil at $50 per barrel, revenues of the State Oil Fund of Azerbaijan Republic (Sofaz) will hit $9-10 billion in 2009, Sofaz Executive Director Shahmar Movsumov said at a news conference on Jan. 28.
Consultations are underway with Azerbaijan International Operating Company to specify the 2009 output and new projects, as related expenditures have an impact on Sofaz revenues. The consultations will be completed by the end of January, Movsumov said.
Sale of oil adds 95-96 percent to Sofaz revenues.
"Amount of revenues will be specified on this basis," he said.
The draft budget of Sofaz has been submitted to Supervisory Council for approval. With price on oil at $70 per barrel, Sofaz revenues are expected to hit 14 billion manat and expenditures - 5.7 billion manat, Movsumov said.
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