The 2008 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was amended by the Decree of the President of Azerbaijan dated July 11, 2008.

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 2008 state budget, it is necessary to make amendments to the Fund's 2008 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 9 819 516,0 thousand manats instead of the previous 3 473 109, 6 thousand manats, the amount of revenue items of the Fund on dividends from realizing of oil and gas projects (from BTC) and on management of SOFAZ's assets is increased accordingly to 104 806,0 thousand manats instead of the previous 13 423,2 thousand manats and to 148 898,1 thousand manats instead of the previous 121 928,2 thousand manats. As per the amendments, the Fund's 2008 budget is to include an additional revenue item of 70 623,1 thousand manats related to payment on export price of crude oil transferring to the State Oil Fund. The amount of expenditures of the Fund on transfers to the budget increased to 3 800 000,0 thousand manats instead of the previous 1 100 000,0 thousand manats. The amount of revenues of the Fund are increased to 10 144 743,2 thousand manats instead of the previous 3 609 361,0 thousand manats and expenditures to 4 380 853,6 thousand manats instead of the previous 1 680 853,6 thousand manats.