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 2020 (25.06.2021)


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 2020 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 2020, including budget revenues in the amount of 9 360 769.8 thousand manats (executed at the level of 119.5%), and expenditures in the amount of 12 425 288.5 thousand manats (executed at the level of 99.9%).

NoIndicatorsThousand manats
Revenues
9 360 769.8

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)6 587 262.2
2Acreage fees paid by investors per land used for the exploitation of hydrocarbon reserves6 752.4
3Revenues from the transportation of oil and gas through the territory of the Republic of Azerbaijan20 362.0
4Revenues obtained from the management of SOFAZ’s assets1 978 615.8
5Bonus payments paid by investors for signing and fulfilling oil and gas contracts767 777.4
Expenditures12 425 288.5

including
1Financing measures aimed at ameliorating social and living conditions of internally displaced persons199 998.1
2Upper bound of transfers to the state budget in 201912 200 000.0
3
Financing the State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-20234 103.2
4SOFAZ’s administrative expenses21 187.2

Ilham Aliyev

President of the Republic of Azerbaijan

June 25, 2021, Baku