oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ 2006 budget amended

09 Jun 2006 11:00:00

SOFAZ 2006 budget amended

09 Jun 2006 11:00:00
The 2006 budget of the State Oil Fund of Azerbaijan (SOFAZ) was amended by a Decree of the President of Azerbaijan of June 7, 2006.

As per the amendments, the Fund’s 2006 budget is to include an additional revenue item of AZN 46. 242 million related to additional funds to be received by SOFAZ from the price difference between the contract value and domestic wholesale price of exported oil. SOFAZ expenditures on financing of the Republic of Azerbaijan’s participation in construction of the Heydar Aliyev Baku-Tbilisi-Ceyhan Main Export Pipeline are increased to AZN 110 million instead of the previous AZN 38 million.

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