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President of Azerbaijan Ilham Aliyev signed on December 28, 2005 the Decree approving budget of the State Oil Fund of the Republic of Azerbaijan for the year of 2006 including 807 842, 6 thousand ANM (Azerbaijan’s New Manat) in revenues and 954 287, 7 thousand ANM in expenditures as follows: |
| N | Revenues | Amount
(in thousand manats) | | 1 | Proceeds from sales of the Republic of Azerbaijan’s share of hydrocarbons (exclusive of hydrocarbons’ transportation costs, banking expenses, customs costs, independent surveyor, marketing and insurance costs, and also exclusive of the revenues from the SOCAR’s share in the projects of which it is an investor, shareholder or partner) | 684 000,0 | | 2 | Acreage fees by the foreign investors for use of the contract areas in connection with the development of hydrocarbon resources | 7 434, 0 | | 3 | Revenues generated from oil and gas pass over the territory of the Republic of Azerbaijan | 13 500,0 | | 4 | Oil and gas agreement signature and/or performance bonuses paid by investors to the State Oil Company or an authorized state body | 67 500,0 | | 5 | Revenues from management of SOFAZ’s assets | 35 318,6 | | 6 | Other revenues | 90,0 | | Total | 807 842,6 |
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| N | Directions of expenditures | Amount
(in thousand manats) | | 1 | The expenditures for financing some projects concerning solution of the social and settlement problems of the refugees and internally displaced persons | 110 311,0 | | 2 | Financing of the participation of the Republic of Azerbaijan in Heydar Aliyev BTC Main Export Pipeline Project | 38 000,0 | | 3 | Transfer to 2006 State Budget of the Republic of Azerbaijan | 585 000,0 | | 4 | Financing construction of the Oguz-Qabala-Baku water supply system | 90 000,0 | | 5 | Financing the reconstruction of the Samur-Absheron irrigation system | 37 000, 0 | | 6 | Formation of the statutory capital of the State Investment Company | 90 000,0 | | 7 | Oil Fund's operating expenditures | 3 976,7 | | Total | 954 287,7 |
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Approval of the Decree followed procedures laid out in the Funds Statutory Regulations and Budgetary Regulations. |
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