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High Oil Prices Yield $56m to Azerbaijan
Excess oil revenues totaling 276 billion manats ($56.2m) have been accumulated by
1 July, 2004, given the high oil prices in the world markets, Finance Minister Avaz Alakbarov said.
The Minister said that additional 130 billion manats ($26.5m) generated in the third quarter of 2004 will be transferred to the Oil Fund shortly. 150-180 billion AZM more ($30-37 million) revenues from higher oil prices are expected to by the year-end.
The funds will be used in case the oil prices fall short of the forecasted oil prices in the State Budget, he said. The 2004 state budget sets the oil price at $20 a barrel, while 2005 budget at $25.
Source: Azernews
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