The State Oil Fund of Azerbaijan, known as Sofaz, expects a 28 percent increase in budget revenue this year after crude prices exceeded government forecasts.
Projected 2012 revenue was boosted to $13.7 billion from $10.7 billion by a presidential decree, Sofaz said today in an e-mailed statement. It didn’t specify its oil price forecasts.
Azerbaijan, the third-largest oil producer in the former Soviet Union after Russia and Kazakhstan, pumped 45.6 million metric tons of oil and 25.8 billion cubic meters of natural gas last year. Sofaz had assets of $32.4 billion as of April 1, according to a report on the fund’s website.
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