oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ 2004 budget approved (31.03.2004)

President of Azerbaijan Ilham Aliyev signed on March 31, 2004 the Decree No.41 approving 2004 budget of the State Oil Fund of the Republic of Azerbaijan including 928 720,4 million manat in revenues and 843 696,2 million manat in expenditures as follows:

№RevenuesAmount
(in million manats)
1Proceeds from sales of the Republic of Azerbaijan's share of hydrocarbons (hydrocarbons' transportation costs, banking expenses, customs costs, independent surveyor, exclusive of marketing and insurance costs, and also exclusive of the revenues from the SOFAZ's share in the projects of which it is an investor, shareholder or partner)746 250,0
2Acreage fees to SOFAZ or the appropriate state authority by the foreign investors for use of the contract areas in connection with the development of hydrocarbon resources31 541,5
3Revenues generated from oil and gas pass over the territory of the Republic of Azerbaijan75 520,5
4Revenues from management of SOFAZ's assets, including dividends, interest incomes and incomes from foreign exchange asset revaluation and other revenues75 408,4

Total928 720,4

The expenditures of the State Oil Fund for 2004 are directed as follows:

№Directions of expendituresAmount
(in million manats)
1The expenditures in compliance with the Presidential Decrees No.562 of August 22, 2001, No. 577 of September 7, 2001, No.700 of 13 May, 2002 and No. 80 of February 4, 2004 on solution of the social and settlement problems of the refugees and internally displaced persons.90 000,0
2Financing of the participation of the Republic of Azerbaijan in BTC Main Export Pipeline Project89 000,0
3Transfer to 2004 State Budget of the Republic of Azerbaijan650 000,0
4Oil Fund's operating expenditures14 696,2

Total843 696,2

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