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, report on 2002 budget execution presented.

Taking into consideration the opinion of the Supervision Board and the results of an audit of State Oil Fund's financial operations conducted by a reputable international audit organization, according to the article 109, paragraph 32 of the AR Constitution 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 2002, including 294 303 million manats in revenues and 879 90.2 million manats in expenditures. Fund Budget for 2002 was executed with 24.9 % surplus in revenues and 16.8 % deficit in expenditures.

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku, December 26, 2003