oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

The Order 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 2019 (08.07.2020)

Pursuant 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 of the State Oil Fund of the Republic of Azerbaijan and the Chamber of Accounts of the Republic of Azerbaijan on the State Oil Fund’s 2019 budget execution project, along with the Independent Auditor’s Report on SOFAZ’s financial activities, I hereby order:

To approve the execution of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2019, including budget revenues in the amount of 19 030 612.8 thousand manats (executed at the level of 123.2%), and expenditures in the amount of 11 588 603.5 thousand manats (executed at the level of 99.9%).

NoIndicatorsThousand manats
Revenues
19 030 612.8

including
1Net income obtained from the sales of hydrocarbons falling into the share of Azerbaijan (excluding expenditures on transportation, customs clearance and banking services, independent surveyor services, marketing and insurance costs, as well as the shareholder incomes received by SOCAR in the capacity of investor, shareholder or partner in different projects)14 614 708.6
2Acreage fees paid by investors per land used for the exploitation of hydrocarbon reserves4 692.0
3Revenues from the transportation of oil and gas through the territory of the Republic of Azerbaijan18 937.7
4Revenues obtained from the management of SOFAZ’s assets3 625 923.3
5Bonus payments paid by investors for signing and fulfilling oil and gas contracts766 351.2
Expenditures 11 588 603.5

including
1Financing measures aimed at ameliorating social and living conditions of internally displaced persons199 998.6
2Upper bound of transfers to the state budget in 201911 364 300.0
3SOFAZ’s administrative expenses24 304.9

Ilham Aliyev

President of the Republic of Azerbaijan

July 8, 2020, Baku