oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ 2020 budget approved (29.12.2019)

Ilham Aliyev, the President of the Republic of Azerbaijan signed on December 28, 2018 the Decree approving budget of the State Oil Fund of the Republic of Azerbaijan for the year 2020 including 12 384 088.2 thousand manats in revenues and 11 589 910.3 thousand manats in expenditures.

The incomes of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2020 are established out of the following revenues:

№

Income sources

Amount
(in thousand manats)

2.1

Proceeds from sales of the Republic of Azerbaijan's share of hydrocarbons (deducts the costs of hydrocarbons transportation, banking expenses, customs clearances, 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)

10 563 404.5

2.2

Acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources

4 692.0

2.3

Revenues from transportation of oil and gas through the territory of the Republic of Azerbaijan

19 380.0

2.4

Revenues from SOFAZ's asset management

1 031 271.7

2.5

Oil and gas agreements signature or performance bonuses paid by investors

765 340.0

Total

12 384 088.2


Budget expenditures of the State Oil Fund of the Republic of Azerbaijan for the year 2020 are assigned to the following purposes:


№

Directions of expenditures

Amount
(in thousand manats)

3.1

Financing the improvement of social condition of refugees and IDPs

200 000.0

3.2

Upper bound of transfers to 2020 State Budget of the Republic of Azerbaijan

11 350 000.0

3.3Financing of the “State Program for Increasing the International Competitiveness of Higher Education in the Republic of Azerbaijan for 2019-2023”10 000,0
3.4

Administrative expenses of the State Oil Fund of the Republic of Azerbaijan

29 910.3
Total

11 589 910.3
Approval of the Budget followed the procedures laid out in the Funds Statutory Regulations and Budgetary Regulations.