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 2014 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 2014 including 11 626 943.4 thousand manats in revenues and 11 349 934.8 thousand 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 2014 are formulated from the following revenues:
№ | Income sources | Amount |
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) | 11 221 286.4 |
2.2. | Acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources | 1 661.6 |
2.3. | Revenues from transportation of oil and gas through the territory of the Republic of Azerbaijan | 6 276.0 |
2.4. | Revenues from SOFAZ's asset management | 379 580.7 |
2.5. | Bonuses paid by investors when signing and fulfilling oil and gas agreements | 18 038.7 |
2.6. | Other incomes according to the legislation | 100.0 |
Total | 11 626 943.4 |
3. To define that the expenditures of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2014 are assigned to the following purposes:
№ | Directions of expenditures | Amount |
3.1. | Financing the improvement of social condition of refugees and IDPs | 300 000.0 |
3.2. | Transfer to 2014 State Budget of the Republic of Azerbaijan | 9 337 000.0 |
3.3. | Financing the reconstruction of the Samur-Absheron irrigation system | 80 221.3 |
3.4. | Financing "Baku-Tbilisi-Kars railway" project | 132 311.0 |
3.5. | Financing the "State Programme on the Education of Azerbaijani Youth abroad in the years 2007-2015" | 33 680.0 |
3.6. | Financing of the construction of high speed fiber optic network providing an access to all settlements of Azerbaijan Republic | 100 000.0 |
3.7. | Financing of the share of Azerbaijan Republic in the construction project of the Oil-Gas and Petrochemical Consortium (OGPC) | 285 000.0 |
3.8. | Financing of the share of Azerbaijan Republic in the construction of the STAR oil refinery project in Turkey | 223 582.5 |
3.9. | Financing of the share of Azerbaijan Republic in the construction of the TANAP project | 800 000.0 |
3.10. | Administrative expenses of the State Oil Fund of the Republic of Azerbaijan | 58 140.0 |
Total | 11 349 934.8 |
4.To approve "The framework (program) of the main directions of utilization of Oil Fund's assets for 2013".
5. To approve estimate of expenditures related to the management of the State Oil Fund of the Republic of Azerbaijan for 2013.
Ilham Aliyev,
The President of the Republic of Azerbaijan
Baku,December 19, 2013