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 2017 (17.07.2018)

In accordance to paragraph 32, article 109 of the Constitution of the Republic of Azerbaijan 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 and The Chamber of Accounts of the Azerbaijan Republic 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 2017 including 12 137 503.3thousand manats in revenues and 11015 537.9thousand manats in expenditures,as well as the 2017 budget revenues and expenditures of the Fund,executed by 112.2% and 72.3%respectively.


No

Indicators

Thousand manats

Revenues

12 137 503.3


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)

11 029 988.9

2

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

3 605.5

3

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

17 914.9

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

2 407.6

5

Revenues from SOFAZ’s asset management

1 083 586.4

Expenditures

11 015 537.9


Including


1

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

104 999.9

2

Transfer to 2017 State Budget of the Republic of Azerbaijan

6 100 000.0

3

Financing the reconstruction of the Samur-Absheron irrigation system

69 997.2

4

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

20 557.4

5

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

17 009.7

6

Transfer to Central Bank of the Republic of Azerbaijan for preserving macroeconomic stability

3 949 484.8

7

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

735 422.2

8

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

18 066.7


Ilham Aliyev

President of the Republic of Azerbaijan

July 17, 2018, Baku