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 2013 (22.05.2014)

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 2013 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 it is hereby decreed:

To approve of the execution of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2013 including 13 600400.1 thousand manats in revenues and 12 302663.5 thousand manats in expenditures. 2013 budget revenues and expenditures of the Fund were executed accordingly 118.5% and 94.5%.

№

Indicators

Amount (in thousand manats)

Revenues

13 600400.1

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)

13 108016.4

2.

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

1831.9

3.

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

8 063.8

4.

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

1850.1

5.

Revenues from SOFAZ's asset management

480559.5

6.

Other revenues and incomes

78.4

Expenditures

12 302663.5

1.

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

299990.2

2.

Transfer to 2013 State Budget of the Republic of Azerbaijan

11 350000.0

3.

Financing the reconstruction of the Samur-Absheron irrigation system

173933.6

4.

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

25671.7

5.

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

33007.8

6.

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

372 590.0

7.

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

47470.2

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku, May 22, 2014