The 2010 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was amended by the Decree of the President of Azerbaijan dated July 22, 2010.

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 2010 state budget, it is necessary to make amendments to the Fund's 2010 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 8 615 782.1 thousand manats instead of the previous 5 564 476.9 thousand manats, the amount of revenues on management of SOFAZ's assets is increased to 250 002.7 thousand manats instead of the previous 241 936.0 thousand manats. As per the amendments, the Fund's 2010 budget is to include an additional revenue item of 9 640.8 thousand manats related to the revenues generated from oil and gas transit over the territory of the Republic of Azerbaijan. The amount of expenditures of the Fund on transfers to the budget increased to 5 915 000.0 thousand manats instead of the previous 4 915 000.0 thousand manats. The amount of revenues of the Fund are increased to 9 032 139.4 thousand manats instead of the previous 5 963 126.7 thousand manats and expenditures to 6 428 431.2 thousand manats instead of the previous 5 428 431.2 thousand manats.