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 (19.07.2019)

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 2018 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 2018 including 17 614 128.0 thousand manats in revenues and 11 455 597.5 thousand manats in expenditures,as well as the 2018 budget revenues and expenditures of the Fund,executed by 115.0% and 99.8%respectively.

No

Indicators

Thousand manats

Revenues

17 614 128.0


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)

16 645 569.3

2

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

4 146.3

3

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

18 103.1

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

765 228.1

5

Revenues from SOFAZ’s asset management

181 061.2

Expenditures

11 455 597.5


Including


1

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

199 979.3

2

Transfer to 2018 State Budget of the Republic of Azerbaijan

10 959 000.0

3

Financing the reconstruction of the Samur-Absheron irrigation system

89 999.2

4

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

176 128.0

5

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

7 235.7

6

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

23 255.3


Ilham Aliyev

President of the Republic of Azerbaijan

July 19, 2019, Baku