oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

The Decree of the President of the Republic of Azerbaijan on the Amendments to the Budget of the State Oil Fund of the Republic of Azerbaijan for 2010 (22.07.2010)

Taking into account that Azerbaijan will receive extra revenues from the production sharing agreements in connection with the hydrocarbons exploitation under the circumstances of high price of crude oil in the current year, as well as, taking into consideration the necessity of making amendments to the budget of the State Oil Fund in connection with amendments to the state budget for the year 2010, it is hereby decreed:

1.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 paragraphs 5.4.1. and 5.4.2. of 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, of the President of the Republic of Azerbaijan, taking into consideration the application of the Executive director of the State Oil Fund of the Republic of Azerbaijan and the opinion of the Supervision Board, to make the following amendments to Decree No. 204, dated December 25, 2009, 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 2010":

1.1.To change the words "the incomes amounting to 5 963 126.7 thousand manats" with the words "the incomes amounting to 9 032 139.4 thousand manats", and the words "the expenditures amounting to 5 428 431.2 thousand manats" with the words "the expenditures amounting to 6 428 431.2 thousand manats", in paragraph 1 of the Decree;

1.2. To edit the table in paragraph 2 of the Decree as follows:

№

Income sources

Amount
(in thousand manats)

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)


8 615 782.1


2

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


155 813.8


3

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

9 640.8


4

Revenues from SOFAZ's asset management

250 002.7

5

Other revenues

900.0

Total

9 032 139.4


1.3. To change the figure "4 915 000.0" with the figure "5 915 000.0" in the second row and to replace the figure "5 428 431.2" with the figure "6 428 431.2" in the row stipulating the total amount of the expenditures of the table in paragraph 3 of the Decree.

2. The Executive director of the State Oil Fund of the Republic of Azerbaijan shall be assigned to resolve issues arising from this Decree.

lham Aliyev,

The President of the Republic of Azerbaijan

Baku, July 22, 2010