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 2016 (01.05.2017)

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, 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, the opinion of the Supervisory Board on the Report on the execution of the budget of the State Oil Fund of the Republic of Azerbaijan for 2016 and the opinion of the international audit organization on the financial operations of the Fund 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 2016 including 9 410 180.0 thousand manats in revenues and 9 022 059.0 thousand manats in expenditures. 2016 budget revenues and expenditures of the Fund were executed 205.5% and 84.6% respectively.

Indicators

Thousand manats

Revenues

9 410 180.0


Including


1

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

8 320 045.7

2

Acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources

3 267.0

3

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

17 953.6

4

Bonuses paid by investors to the State Oil Company of the Republic of Azerbaijan andcompetent state bodiesupon signing and execution of oil and gas contracts

82.1

5

Revenues from SOFAZ’s asset management

1 068 831.6

Expenditures

9 022 059.0


Including


1

Financing the improvement of the social and economic conditions of refugees and internally displaced persons

89 994.9

2

Transfer to 2016 State Budget of the Republic of Azerbaijan

7 615 000.0

3

Financing the reconstruction of the Samur-Absheron irrigation system

69 998.1

4

Financing new "Baku-Tbilisi-Kars railway" construction project

66 174.5

5

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

31 606.7

6

Financing the share of the Republic of Azerbaijan in the construction of the "Star" oil refinery complex in Turkey

331 776.0

7

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

797 427.6

8

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

20 081.2


Ilham Aliyev

President of the Republic of Azerbaijan

May 01, 2017, Baku