oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

The Decree of the President of the Republic of Azerbaijan on the Execution of the Budget of the State Oil Fund of the Republic of Azerbaijan for 2014 (24.06.2015)

In accordance with the "Regulations on the State Oil Fund of the Republic of Azerbaijan" approved by Decree No. 434, dated December 29, 2000, of the President of the Republic of Azerbaijan, and the "Rules on the preparation and execution of the annual program of revenues and expenditures (budget) of the State Oil Fund of the Republic of Azerbaijan" approved by Decree No. 579, dated September 12, 2001, report on 2014 budget execution presented.

Taking into consideration the opinion of the Supervision Board and the results of an audit of State Oil Fund's financial operations conducted by a reputable international audit organization, according to the article 109, paragraph 32 of the AR Constitution itis hereby decreed:

To approve of the execution of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2014 including 12 731 016.7 thousand manats in revenues and 10 117 207.4 thousand manats in expenditures. 2014 budget revenues and expenditures of the Fund were executed accordingly 109.5% and 95.5%.

Indicators

Amount (in thousand manats)

Revenues

12 731 016,7




1

Proceeds from sales of the Republic of Azerbaijan's share of hydrocarbons (deducts the costs of hydrocarbons transportation, banking expenses, customs clearences, independent surveyor, marketing and insurance costs, and also exclusive of the revenues from the SOCAR's share in the projects of which it is an investor, shareholder or partner)

12 319 846,6

2

Acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources

1 661,1

3

Revenues from transportation of oil and gas through the territory of the Republic of Azerbaijan

8 910,2

4

Bonuses paid by investors when signing and fulfilling oil and gas agreements

13 344,3

5

Revenues from SOFAZ's asset management

387 204,8

6

Other revenues and incomes

49,7

Expenditures

10 117 207,4




1

Financing the improvement of the social and economic conditions of refugees and internally displaced persons

299 998,2

2

Transfer to 2014 State Budget of the Republic of Azerbaijan

9 337 000,0

3

Financing the reconstruction of the Samur-Absheron irrigation system

80 220,9

4

Financing new "Baku-Tbilisi-Kars railway" construction project

57 040,3

5

Financing the "State Programme on the Education of Azerbaijani Youth abroad in the years 2007-2015"

33 493,7

6

Financing of the share of the Republic of Azerbaijan in the construction of “STAR” Oil Refinery Complex in Turkey

223 538,3

7

Financing the shares belonging to the state in “Southern Gas Corridor” CJSC which is established for the purpose of effective management of the projects within the second stage of the Shah-Deniz gas and condensate field's development, Trans Anatolian Gas Pipeline (TANAP), Trans Adriatic Pipeline (TAP) and expansion of the South Caucasus Pipeline.

39 999,3

8

Administrative expenses of the State Oil Fund of the Republic of Azerbaijan

45 916,7

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku, June 24, 2015