The 2014 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was amended by theDecree of the President of Azerbaijan dated April 10, 2014.

According to the Decree, considering paragraph 2.1 of the Ordinance No.287 of the President of the Republic of Azerbaijan on “Actions related to projects on Phase II of development of Shah-Deniz gas-condensate field and establishment of Southern Gas Corridor” dated February 25, 2014 expenditures item in SOFAZ 2014 budget on “Financing of the share of Azerbaijan Republic in the construction of the TANAP project” replaced with “Financing of the shares belonging to the state in the joint-stock company for effective management of the projects within the second phase of the Shah-Deniz gas and condensate field's development, Trans Anatolian Gas Pipeline (TANAP), Trans Adriatic Pipeline (TAP) and expansion of the South Caucasus Pipeline” and expenditures under this item constituted 40 100.0 thousand manats.

Accordingly, the expenditures of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2014 is decreased from 11 349 934.8 thousand manats to10 590 034.8 thousand manats.

Besides, paragraph on “Financing of the share of Azerbaijan Republic in the construction of the TANAP project”in “The main utilization directions (program) of the assets of the State Oil Fund of the Republic of Azerbaijan for the year 2014”, approved with SOFAZ 2014 budget edited as “Financing of shares belonging to the state in the joint-stock company for effective management of the projects within the Phase II of the Shah-Deniz gas and condensate field's development, Trans Anatolian Gas Pipeline (TANAP), Trans Adriatic Pipeline (TAP) and expansion of the South Caucasus Pipeline”.