The 2011 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was amended by the Decree of the President of Azerbaijan dated July 14, 2011.

In accordance with the Decree, taking into account that Azerbaijan will receive extra revenues from implementation of oil and gas agreements under the circumstances of high price of crude oil and in connection with amendments to the 2011 state budget, aiming at timely execution of settlement projects of the refugees and internally displaced persons, reconstruction of the Samur-Absheron irrigation system and "Baku-Tbilisi-Kars railway" project, for accelerating the construction of the administrative building of the State Oil Fund, for the payment of membership fees to international organizations - it is necessary to make amendments to the Fund's 2011 budget.

As per the Decree, the amount of revenues of the Fund from sale of the Republic of Azerbaijan's share of hydrocarbons is increased to 12 137 044.0 thousand manats instead of the previous 8 349 564.1 thousand manats, acreage fees by the foreign investors for use of the contract areas in connection with the development of hydrocarbon resources is increased to 1 688.0 thousand manats instead of the previous 498.5 thousand manats, revenues from management of SOFAZ's assets is increased to 396 362.0 thousand manats instead of the previous 340 252.8 thousand manats, dividends from regarding realization of the first phase of Shadeniz-I oil and gas project is decreased from 283 249.2 to 101 666.0 thousand manats, dividends from realizing of oil and gas projects (BTC) is decreased to 131 992.0 thousand manats instead of the previous 148 024.4 thousand manats, revenues generated from oil and gas transit over the territory of the Republic of Azerbaijan is decreased to 8 920.0 thousand manats instead of the previous 10 452.0 thousand manats. As per the amendments, the Fund's 2011 budget is to include an additional revenue item of 17 600.0 thousand manats related to the oil and gas agreements signature or performance bonuses paid by investors to the State Oil Company of the Republic of Azerbaijan or an authorized state body.

As per the Decree, the amount of expenditures of the Fund on financing projects concerning solution of the social and settlement problems of the refugees and internally displaced persons is increased to 140 000.0 thousand manats instead of the previous 110 000.0 thousand manats, transfer to 2011 State Budget of the Republic of Azerbaijan is increased to 9 203 200.0 thousand manats instead of previous 6 480 000.0 thousand manats, expenditures for financing the reconstruction of the Samur-Absheron irrigation system is increased to 200 000.0 thousand manats instead of the previous 110 000.0 thousand manats. The amount of expenditures for financing of "Baku-Tbilisi-Kars railway" project is increased from 80 215.1 thousand manats to 260 800.0 thousand manats, Oil Fund's operating expenditures is increased from 57 494.3 thousand manats to 87 539.3 thousand manats.

The revenues of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2011 are increased from 9 132 941.0 thousand manats to 12 796 172.0 and the expenditures are increased from 6 886 155.4 thousand manats to 9 939 985.3 thousand manats.