In accordance with the Ordinance of the President of the Republic of Azerbaijan No. 1974 dated February 21, 2007 on ensure of the financing of "Baku-Tbilisi-Kars railway" project, as well execution of the Ordinance of the President of the Republic of Azerbaijan No. 2178 dated May 16, 2007 on addressing certain issues relating to the share of the State Oil Company of the Republic of Azerbaijan in the project of joint development of Azeri-Chirag fields and Guneshly field, 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. 505, dated December 28, 2006, 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 2007":

1.1.To change the words "the expenditures amounting to 977 066,9 thousand manats" with the words "the expenditures amounting to 1 115 566,9 thousand manats", in paragraph 1 of the Decree.

1.2.To add fifth and sixth rows to the table as the following context and accordingly to consider the fifth row of the table as the seventh row and in the row stipulating the total amount of the expenditures of the table to change the figure "977 066,9" with the figure "1 115 566,9":

2.Financing Baku-Tbilisi-Kars railway 50 000,0

3.Regulating some issues on the State Oil Company's share in the projects on joint using Azeri, Chirag and Guneshli oilfields 88 500,0

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

5. This Decree shall come into effect from the day it is signed.

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku, June 28, 2007