oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

The Decree 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 (25.12.2009)

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, of the President of the Republic of Azerbaijan, it is hereby decreed:

1. To approve the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2010 including 5 963 126.7 thousand manats in revenues and 5 428 431.2 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 2010 are established out of the following revenues:

№

Revenues

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)

5 564 476.9

2

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

155 813.8

3

Revenues from management of SOFAZ's assets

241 936.0

4

Other revenues

900.0


Total

5 963 126.7

3. To define that the expenditures of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2010 are assigned to the following purposes:

№

Directions of expenditures

Amount
(in thousand manats)

1

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

80 000.0

2

Transfer to 2010 State Budget of the Republic of Azerbaijan

4 915 000.0

3

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

200 000.0

4

Financing the reconstruction of the Samur-Absheron irrigation system

110 000.0

5

Financing "Baku-Tbilisi-Kars railway" project

80 000.0

6

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

10 000.0

7

Oil Fund's operating expenditures

33 431.2


Total

5428 431.2

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku,December 25, 2009