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 2010 (14.07.2011)

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 2010 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 2010 including 13 088 543.4 thousand manats in revenues and 6 386 614.9 thousand manats in expenditures. 2010 budget revenues and expenditures of the Fund were executed accordingly 144.9% and 99.4% .

№

Indicators

Amount (in thousand manats)


Revenues

13 088 543.4

1.

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

12 656 097.8

2.

Dividends from realizing of oil and gas projects (from BTC)

158 660.9



3.

Revenues generated from oil and gas transit over the territory of the Republic of Azerbaijan

8 302.5

4.

Revenues from management of SOFAZ's assets

155 906.1

5.

Acreage fees by the foreign investors for use of the contract areas in connection with the development of hydrocarbon resources

1 201.0

6.

Oil and gas agreements signature or performance bonuses paid by investors to the State Oil Company of the Republic of Azerbaijan or an authorized state body

1 601.6

7.

Dividends from regarding realization of the first phase of Shahdeniz oil and gas project

105 021.9

8.

Other revenues and incomes

1 751.6



Expenditures

6 386 614.9

1.

The expenditures for financing of projects concerning solution of the social and settlement problems of the refugees and internally displaced persons

104 947.7

2.

Transfer to 2010 State Budget of the Republic of Azerbaijan

5 915 000.0

3.

Financing construction of the Oguz-Qabala-Baku water supply system

199 617.7


4.

Financing the reconstruction of the Samur-Absheron irrigation system


130 998.7

5.

Financing "Baku-Tbilisi-Kars railway" project


12 420.3


6.

Financing "State Programm on education of Azerbaijan youth in foreign countries in 2007-2015"


9 605.3

7.

Oil Fund's operating expenditures


14 025.2

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku, July 14, 2011