oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ 2005 budget approved (01.03.2005)

President of Azerbaijan Ilham Aliyev signed onMarch 01, 2005 the Decreeapproving budget of the State Oil Fund of the Republic of Azerbaijan for the year of 2005 including 1078033,3 million manat in revenues and 1072871,0 million manat in expenditures as follows:

NRevenuesAmount
(in million manats)
1Proceeds 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)849 562,5
2Acreage fees by the foreign investors for use of the contract areas in connection with the development of hydrocarbon resources43 438,5
3Revenues generated from oil and gas pass over the territory of the Republic of Azerbaijan73 875,0
4Revenues from management of SOFAZ's assets110 664,8
5Other revenues492,5

Total1 078 033,3

NDirections of expendituresAmount
(in million manats)
1The expenditures for financing some projects concerning solution of the social and settlement problems of the refugees and internally displaced persons202 000,0
2Financing of the participation of the Republic of Azerbaijan in Heydar Aliyev BTC Main Export Pipeline Project105 000,0
3Transfer to 2005 State Budget of the Republic of Azerbaijan750 000,0
4Oil Fund's operating expenditures15 871,0

Total1 072 871,0

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