Ilham Aliyev, the President of the Republic of Azerbaijan signed on December 30, 2020 the Decree approving the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2021, including 8 001 169.1 thousand manats in revenues and 12 249 435.5 thousand manats in expenditures.
The revenues in the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2021 are generated from the following inflows:
Amount (in thousand manats)
Net income obtained from the sales of hydrocarbons falling into the share of Azerbaijan (excluding expenditures on transportation, customs clearance and banking services, independent surveyor services, marketing and insurance costs, as well as the shareholder incomes received by SOCAR in the capacity of investor, shareholder or partner in different projects it is a party to)
6 439 325.7
Acreage fees paid by investors per land used for the exploitation of hydrocarbon reserve
Revenues from the transit of oil and gas through the territory of the Republic of Azerbaijan
Revenues obtained from the management of SOFAZ’s assets
Bonus payments made by investors within the framework of signing or executing oil and gas contracts
8 001 169.1
Budget expenditures of the State Oil Fund of the Republic of Azerbaijan for the year 2021 are assigned to the following purposes:
(in thousand manats)
Upper bound of transfers to 2021 State Budget of the Republic of Azerbaijan
12 200 000.0
Financing of "The State Program for increasing international competitiveness of the higher education system of the Republic of Azerbaijan in 2019-2023"
Administrative expenses of the State Oil Fund of the Republic of Azerbaijan
12 249 435.5
Approval of the Budget followed the procedures laid out in the Funds Statutory Regulations and Budgetary Regulations.