Azerbaijani President Ilham Aliyev approved the amendments to the budget of the State Oil Fund (GNFAR) for 2022.
According to the amendments published on the website of the President of Azerbaijan on Friday, the revenues of the State Neftef Fund for 2022 increased to 15 billion 789 million 147.9 thousand manat, expenses were reduced to 11 billion 597 million 136.5 thousand manat. Thus, GNFAR budget surplus is predicted at 4 billion 192 million 11.4 thousand manat.
As previously reported, the income of GNFAR for 2022 was approved in the amount of 10 billion 589 million 701.9 thousand manat, expenses – 12 billion 789 million 674.6 thousand manat.
Review of the budget parameters GNFAR is associated with a change in oil price.
Initially, the GNFAR budget for 2022 was designed from oil price of $ 50 per barrel. However, in the amendments to the state budget of Azerbaijan adopted by Milli Majlis (parliament) for 2022, the average oil price for calculating the state revenues from exports is laid for $ 70 per barrel, for calculating GDP – $ 85 per barrel.
According to the updated budget, the receipts of the GNFAR from the sale of profitable oil and gas of Azerbaijan in 2022 will increase 1.7 times from the initial forecast – to 14 billion 993 million 401.2 thousand manat (growth of 1.7 times) or) or 95% of all income of the fund.