oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

Decree of the President of the Republic of Azerbaijan on making amendments to the Decree No. 719 of the President of the Republic of Azerbaijan dated December 29, 2015 on “The Budget of the State Oil Fund of the Republic of Azerbaijan for 2016” (18.03.2016)

According to paragraph 32, article 109 of the Constitution of the Republic of Azerbaijan and considering the Law No. 129-VQD, dated February 23, 2016 on making amendments to the State Budget of the Republic of Azerbaijan for 2016 for the purpose of clarifying budget revenues and expenditures of the State Oil Fund of the Republic of Azerbaijan according to the sub-articles 3.2.1. and 5.4.1. of the “Main Utilization directions (program) of the assets of the State Oil Fund of the Republic of Azerbaijan” approved by the Presidential Decree dated September 12, 2001,it is hereby decreed:

1.To make following amendments to the Decree No. 719 of the President of the Republic of Azerbaijan, dated December 29, 2015 on the “Budget of the State Oil Fund of the Republic of Azerbaijan for 2016” (Legislative database, 2015, No. 12, article 1473)

1.1. To change the number “6 711 564.1” with the number “4 578 474.6” and the number “8 181 399.7” with the number “10 668 933.7” in the first part.

1.2. To change the number “6 094 053.0” in the article 2.1.with the number “3 875 682.4”, the number “2 100.0” in the article 2.2.with the number “3 402.0”, the number “12 600.0” in the article 2.3.with the number “19278.0”, the number “602 790.1” in the article 2.4.with the number “679 950.2”, the number “21.0” in the article 2.5.with the number “162.0” and the number “6 711 564.1” in the total revenues row with the number “4 578 474.6”.

1.3. The table in the 3rd part should be given as following:


No.

Directions of expenditures

Amount (in thousand manats)

3.1.

Financing the improvement of social conditions of refugees and IDPs

90 000.0

3.2.

Transfer to the 2016 State Budget of the Republic of Azerbaijan

7 615 000.0

3.3.

Financing the reconstruction of Samur-Absheron irrigation system

70 000.0

3.4.

Financing of “ Baku-Tbilisi-Kars” project

137 621.7

3.5.

Financing the “State Program on the Education of Azerbaijani Youth Abroad for 2007-2015”

36 558.0

3.6.

Financing the share of the Republic of Azerbaijan in Southern Gas Corridor projects

2 355 318.0

3.7.

Financing the share of the Republic of Azerbaijan in the construction of “STAR” oil processing complex in the Republic of Turkey

331 776.0

3.8.

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

32 660.0


Total

10 668 933.7


1.4.The administrative expenses of the State Oil Fund of the Republic of Azerbaijan approved in the 5tharticle of the Decree should be amended as below:


Expenditure directions of the administrative expenses

of the State Oil Fund of the Republic of Azerbaijan


No.

Expenditures

Expense code

Amount

1.

Payroll/Salary

210000

6 078 280

2.

Procurement of goods and services

220000

4 273 448

3.

Grants and other payments

260000

636 700

4.

Pension and social benefits

270000

100 000

5.

Other expenditures

280000

11 245 950

5.1.

Rental and hire services

281400

86 000

5.2.

Other expenditures

282100

8 397 950

5.3.

Bank expenditures

282300

2 762 000

6.

Acquisition of intangible assets

310000

10 325 623


Total


32 660 000


2.The Executive Director of the State Oil Fund of the Republic of Azerbaijan shall ensure the realization of the issues arising from this Decree.


Ilham Aliyev

President of the Republic of Azerbaijan

Baku, March 18, 2016

No. 852