oil fund


SOFAZ's 2004 budget approved

01 Apr 2004 11:00:00

SOFAZ's 2004 budget approved

01 Apr 2004 11:00:00

President of Azerbaijan Ilham Aliyev signed on March 31, 2004 the Decree No.41 approving 2004 budget of the State Oil Fund of the Republic of Azerbaijan including 928 720,4 million manat in revenues and 843 696,2 million manat in expenditures as follows:

¹ Revenues Amount
(in million manats)
1 Proceeds from sales of the Republic of Azerbaijanâ€TMs share of hydrocarbons (hydrocarbonsâ€TM transportation costs, banking expenses, customs costs, independent surveyor, exclusive of marketing and insurance costs, and also exclusive of the revenues from the SOFAZâ€TMs share in the projects of which it is an investor, shareholder or partner)

746 250,0

2 Acreage fees to SOFAZ or the appropriate state authority by the foreign investors for use of the contract areas in connection with the development of hydrocarbon resources 31 541,5
3 Revenues generated from oil and gas pass over the territory of the Republic of Azerbaijan 75 520,5
4 Revenues from management of SOFAZâ€TMs assets, including dividends, interest incomes and incomes from foreign exchange asset revaluation and other revenues 75 408,4
Total 928 720,4

The expenditures of the State Oil Fund for 2004 are directed as follows:

¹ Directions of expenditures Amount
(in million manats)
1 The expenditures in compliance with the Presidential Decrees No.562 of August 22, 2001, No. 577 of September 7, 2001, No.700 of 13 May, 2002 and No. 80 of February 4, 2004 on solution of the social and settlement problems of the refugees and internally displaced persons. 90 000,0
2 Financing of the participation of the Republic of Azerbaijan in BTC Main Export Pipeline Project 89 000,0
3 Transfer to 2004 State Budget of the Republic of Azerbaijan 650 000,0
4 Oil Fund's operating expenditures 14 696,2
Total 843 696,2

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

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