According to the Decree of the President of the Republic of Azerbaijan dated July 8, 2024, amendments were made to the 2024 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ).

In line with the amendments to the 2024 state budget of the Republic of Azerbaijan, SOFAZ’s 2024 budget revenues were increased from 12 073 255.5 thousand manats to 14 109 215.6 thousand manats, and budget expenditures from 12 900 232.5 thousand manats to 12 904 943.4 thousand manats.

Accordingly, net income from the sale of hydrocarbons was increased from 8 146 218.8 thousand manats to 10 197 589.6 thousand manats, and bonuses paid by investors under oil and gas agreements from 767 244.4 thousand manats to 775 887.1 thousand manats. At the same time, income from the transit of oil and gas through the territory of the Republic of Azerbaijan was reduced from 24 223.4 thousand manats to 170.0 thousand manats.

At the same time, expenditures on financing the State Programme on increasing the international competitiveness of the higher education system were increased from 33 526.0 thousand manats to 38 237.9 thousand manats, while expenditures on financing the State Programme on the study of youth at prestigious foreign higher education institutions were reduced from 47 460.0 thousand manats to 47 459.0 thousand manats.