oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ's 2003 budget approved

27 Jan 2003 11:00:00

SOFAZ's 2003 budget approved

27 Jan 2003 11:00:00
President of Azerbaijan Heydar Aliyev signed on January 27, 2003 the Decree approving 2003 budget of the State Oil Fund of the Republic of Azerbaijan including 1,219,516 million manats in revenues and 1,217,755 million manats in expenditures as follows below:
No.

Revenues

Amount
(in million manats)

1

Revenues generated from the sales of crude oil that falls on the share of the Republic of Azerbaijan (net of fees envisaged by the law)

735 000

2

Bonus payments

326 873

3

Acreage payments

46 975

4

Rental fees for the use of state property under the contracts signed with foreign companies

2 400

5

Revenues from the management of the State Oil Fund's assets

45 868

6

Other income and revenues |1|

62 400

Total:

1 219 516

No.

Expenditures

Amount
(in million manats)

1

The expenditures in compliance with the Presidential Decrees No.562 of August 22, 2001 On resolution of Settlement Problems of Azerbaijanis forcibly displaced from their historical lands on the territory of Armenia as a result of ethnic cleansing carried out by Armenian nationalists, No. 577 of September 7, 2001 On certain measures for settlement of certain groups of internally displaced persons, who have been forced to leave Aghdam and Fizuli Regions as a result of occupation of lands of Azerbaijan by Armenian armed forces, and are now temporarily residing in tent camps, on the territory of said Regions and No.700 of 13 May, 2002 On certain measures for improvement of social conditions of internally displaced persons temporarily residing in five tent camps, on the territory of Bilasuvar Region.

136 417

2

The expenditures related to financing of the BTC Main Export Pipeline Project pursuant to Presidential Decree No. 739 of 30 July 2002

576 000

3

Transfer to 2003 State Budget of the Republic of Azerbaijan

500 000

4

Oil Fund's operational expenditures

5 338

Total:

1 217 755

|1| Approval of the Decree followed procedures laid out in the Funds Statutory Regulations and Budgetary Regulations.

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