oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

Decree of the President of the Republic of Azerbaijan on making amendments to the Decree No. 1186 of the President of the Republic of Azerbaijan dated January 10, 2017 on “The Budget of the State Oil Fund of the Republic of Azerbaijan for 2017” (04.10.2017)

According to paragraph 32, article 109 of the Constitution of the Republic of Azerbaijan for the purpose of clarifying budget revenues and expenditures of the State Oil Fund of the Republic of Azerbaijan for 2017,it is hereby decreed:

1. To make following amendments to the Decree No.1186 of the President of the Republic of Azerbaijan dated January 10, 2017 on “The Budget of the State Oil Fund of the Republic of Azerbaijan for 2017” (Legislative database, 2017, No. 1, article 33, No. 5, article 782):

1.1. To change the numbers “8 370 589.8” and “14 483 856.0” with the number “10 813 861.6” and “15 242 928.0” respectively in the first part.

1.2. To change the number “7 550 705.3” in the article 2.1. with the number “9 826 212.0”, the number “3 465.0” in the article 2.2. with the number “3 605.5”, the number “16 830.0” in the article 2.3. with the number “17 688.5”, the number “799 094.6” in the article 2.4. with the number “963 948.0”, the number “495.0” in the article 2.5. with the number “2 407.6” and the number “8 370 589.9” in the total revenues row with the number “10 813 861.6”.

1.3. The table in the 3rd part should be given as following:

№

Directions of expenditures

Amount
(in thousand manats)

3.1

Financing the improvement of social condition of refugees and IDPs

105 000,0

3.2

Upper bound of transfers to 2017 State Budget of the Republic of Azerbaijan

6 100 000,0

3.3

Upper bound of allocation to Central Bank of the Republic of Azerbaijan for preserving macroeconomic stability

7 500 000,0

3.4

Financing the reconstruction of the Samur-Absheron irrigation system

70 000,0

3.5

Financing "Baku-Tbilisi-Kars railway" project

165 825,0

3.6

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

29 304,0

3.7

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

496 155,0

3.8

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

744 072,0

3.9

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

32 572,0

Total

15 242 928,0

1.4. At the end of article 1.7. of "The framework (program) of the main directions of utilization of Oil Fund's assets and investment policy for 2017” approved by this decree to replace the full stop with the semicolon and to add the following article 1.8.:

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

2. The State Oil Fund of the Republic of Azerbaijan shall ensure the realization of the issues arising from this Decree.

Ilham Aliyev

President of the Republic of Azerbaijan

October 04, 2017, Baku