oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ 2014 budget approved

20 Dec 2013 14:17:21

SOFAZ 2014 budget approved

20 Dec 2013 14:17:21
Ilham Aliyev, the President of the Republic of Azerbaijan signed on December 19, 2013 the Decree approving budget of the State Oil Fund of the Republic of Azerbaijan for the year 2014 including 11 626 943.4 thousand manats in revenues and 11 349 934.8 thousand manats in expenditures as followings:

To define that the incomes of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2014 are established out of the following revenues:
№
Revenues

Amount
(in thousand manats)

2.1.

Proceeds from sales of the Republic of Azerbaijan's share of hydrocarbons (exclusive of hydrocarbons' transportation costs, banking expenses, customs costs, 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)

11 221 286.4

2.2.

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

1 661.6
2.3.

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

6 276.0
2.4.

Revenues from SOFAZ's asset management

379 580.7
2.5.

Bonuses paid by investors when signing and fulfilling oil and gas agreements

18 038.7
2.6.

Other revenues and incomes according to legislation

100.0
Total
11 626 943.4


To define that the expenditures of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2014 are assigned to the following purposes:

№
Directions of expenditures

Amount
(in thousand manats)

3.1.

Financing the improvement of social condition of refugees and IDPs

300 000.0
3.2.

Transfer to 2014 State Budget of the Republic of Azerbaijan

9 337 000.0
3.3.

Financing the reconstruction of the Samur-Absheron irrigation system

80 221.3
3.4.

Financing "Baku-Tbilisi-Kars railway" project

132 311.0
3.5.

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

33 680.0
3.6.

Financing of the construction of high speed fiber optic network providing an access to all settlements of Azerbaijan Republic

100 000.0
3.7.

Financing of the share of Azerbaijan Republic in the construction project of the Oil-Gas and Petrochemical Consortium (OGPC)

285 000.0
3.8.

Financing of the share of Azerbaijan Republic in the construction of the STAR oil refinery project in Turkey

223 582.5
3.9.

Financing of the share of Azerbaijan Republic in the construction of the TANAP project

800 000.0
3.10.

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

58 140.0
Total
11 349 934.8

Approval of the Budget followed the procedures laid out in the Funds Statutory Regulations and Budgetary Regulations.

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