oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ 2005 budget amended

29 Dec 2005 11:00:00

SOFAZ 2005 budget amended

29 Dec 2005 11:00:00
The budget for 2005 of the State Oil Fund of Azerbaijan (SOFAZ) was amended by the Decree of the President of Azerbaijan of December 28, 2005. As per the amendments, the Fund's expenditures have been increased from 105 bln. manats to 205 bln. manats. The amendments concern the increase of the expenditures in respect of construction of the Heydar Aliyev Baku-Tbilisi-Ceyhan Main Export Pipeline and financing the Republic of Azerbaijan's participation in this project.

According to the "Budget Systems Law", Milli Majlis (Azerbaijan Parliament) approved on June 21, 2005 the amendments to the 2005 consolidated state budget allowing for the Oil Fund's aforesaid expenditure increase.

Subscribe to our News