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STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN
SOFAZ's 2005 budget approved
04 Mar 2005 11:00:00
SOFAZ's 2005 budget approved
04 Mar 2005 11:00:00
President of Azerbaijan Ilham Aliyev signed on March 01, 2005 the Decree approving budget of the State Oil Fund of the Republic of Azerbaijan for the year of 2005 including 1078033,3 million manat in revenues and 1072871,0 million manat in expenditures as follows:
| N | Revenues | Amount (in million 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) | 849562,5 |
| 2 | Acreage fees by the foreign investors for use of the contract areas in connection with the development of hydrocarbon resources | 43438,5 |
| 3 | Revenues generated from oil and gas pass over the territory of the Republic of Azerbaijan | 73875,0 |
| 4 | Revenues from management of SOFAZ’s assets | 110664,8 |
| 5 | Other revenues | 492,5 |
| Total | 1078033,3 |
| N | Directions of expenditures | Amount (in million manats) |
| 1 | The expenditures for financing some projects concerning solution of the social and settlement problems of the refugees and internally displaced persons | 202000,0 |
| 2 | Financing of the participation of the Republic of Azerbaijan in Heydar Aliyev BTC Main Export Pipeline Project | 105000,0 |
| 3 | Transfer to 2005 State Budget of the Republic of Azerbaijan | 750000,0 |
| 4 | Oil Fund's operating expenditures | 15871,0 |
| Total | 1072871,0 |
Approval of the Decree followed procedures laid out in the Funds Statutory Regulations and Budgetary Regulations.
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