oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

The Decree of the President of the Republic of Azerbaijan on the Approval of the Budget of the State Oil Fund of the Republic of Azerbaijan for 2015 (19.01.2015)

According to the paragraph 32, article 109 of the AR Constitution, for formation of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2015 and for efficient management of the Fund’s assets, it is hereby decreed:

1. To approve the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2015 including 10 246 611.9thousand manats in revenues and 11 813 909.2thousand manats in expenditures.

2. To define that the incomes of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2015 are formulated from the following revenues:


N

Income sources

Amount
(in thousand manats)

2.1.

Proceeds from sales of the Republic of Azerbaijan's share of hydrocarbons (deducts the costs of hydrocarbons transportation, banking expenses, customs clearances, 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)

9 741 175.6

2.2.

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

1 568.4

2.3.

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

9 410.4

2.4.

Revenues from SOFAZ's asset management

494 357.5

2.5.

Other incomes according to the legislation

100.0


Total

10 246 611.9

3. To define that the expenditures of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2015 are assigned to the following purposes:

№

Directions of expenditures

Amount
(in thousand manats)

3.1.

Financing the improvement of social condition of refugees and IDPs

150 000.0

3.2.

Transfer to 2015 State Budget of the Republic of Azerbaijan

10 388 000.0

3.3.

Financing the reconstruction of the Samur-Absheron irrigation system

90 000.0

3.4.

Financing "Baku-Tbilisi-Kars railway" project

111 487.0

3.5.

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

44 088.0

3.6.

Financing the share of the Republic of Azerbaijan in Southern Gas Corridor projects

997 016.2

3.7.

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

33 318.0


Total

11 813 909.2

4.To approve "The framework (program) of the main directions of utilization of Oil Fund's assets for 2015" (attached).

5. To approve estimate of expenditures related to the management of the State Oil Fund of the Republic of Azerbaijan for 2015 (attached).

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku,January 19, 2015