oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ 2002 budget execution approved

26 Dec 2003 11:00:00

SOFAZ 2002 budget execution approved

26 Dec 2003 11:00:00
The President of Azerbaijan approved by itsDecree No.52 dated December 26, 2003execution of 2002 Oil Fund Budget.

The report on 2002 budget execution together with the comments of the Fund Supervisory Board was submitted to the President by the Fund Executive Director according to the Budget Rules of the Fund.

Revenues of the Fund constituted AZM 1,474,499 million against budgeted AZM 1,180.196 million, i.e. executed with AZM 294.3 million or 24,9 % surplus, expenditures of the Fund were executed in the amount of AZM 434,172 million or AZM 87,990 million or 16,8% less than budgeted expenditures of AZM 522,162 million.

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