oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ 2008 budget approved (26.12.2007)

President Ilham Aliyev of Azerbaijan signed on December 26, 2007 the Decree approving budget of the State Oil Fund of the Republic of Azerbaijan for the year 2008 including AZN 3 609 361,0 thousand in revenues and AZN 1 680 853,6 thousand in expenditures as followings:


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)


3 473 109,6

2

Dividends from realizing of oil and gas projects (from BTC)


13 423,2

3

Revenues from management of SOFAZ's assets


121 928,2

4

Other revenues


900,0


Total


3 609 361,0


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


145 000,0

2

Transfer to 2008 State Budget of the Republic of Azerbaijan


1 100 000,0

3

Financing construction of the Oguz-Qabala-Baku water supply system


211 820,0

4

Financing the reconstruction of the Samur-Absheron irrigation system


120 600,0

5

Financing "Baku-Tbilisi-Kars railway" project


88 682,0

6

Financing "State Programme on education of Azerbaijan youth in foreign countries in 2007-2015"


5 000,0

7

Oil Fund's operating expenditures


9 751,6


Total


1 680 853,6

Approval of the Budget followed the procedures laid out in the Funds Statutory Regulations and Budgetary Regulations.