oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ 2011 budget approved

29 Dec 2010 23:59:59

SOFAZ 2011 budget approved

29 Dec 2010 23:59:59

Ilham Aliyev, the President of the Republic of Azerbaijan signed on December 28, 2010 the Decree approving budget of the State Oil Fund of the Republic of Azerbaijan for the year 2011 including9132 941.0 thousand manats in revenues and 6 886 155.4 thousand manats in expenditures as followings:

To define that the incomes of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2011 are established out of the following revenues:
№
Revenues
Amount
(in thousand manats)
1
Proceeds 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)
8 349 564.1
2
Dividends from regarding realization of the first phase of Shadeniz oil and gas project
283 249.2
3
Dividends from realizing of oil and gas projects (from BTC)
148 024.4
4
Oil and gas agreement signature and/or performance bonuses paid by investors
498.5
5
Revenues generated from oil and gas transit over the territory of the Republic of Azerbaijan
10 452.0
6
Revenues from management of SOFAZ's assets
340 252.8
7
Other revenues and incomes
900.0
Total
9 132 941.0
To define that the expenditures of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2011 are assigned to the following purposes:
№
Directions of expenditures
Amount
(in thousand manats)
1
The expenditures for financing of projects concerning solution of the social and settlement problems of the refugees and internally displaced persons
110 000.0
2
Transfer to 2011 State Budget of the Republic of Azerbaijan
6 480 000.0
3
Financing construction of the Oguz-Qabala-Baku water supply system
33 446.0
4
Financing the reconstruction of the Samur-Absheron irrigation system
110000.0
5
Financing "Baku-Tbilisi-Kars railway" project
80 215.1
6
Financing "State Programm on education of Azerbaijan youth in foreign countries in 2007-2015"
15 000.0
7
Oil Fund's operating expenditures
57 494.3
Total
6 886 155.4
Approval of the Budget followed the procedures laid out in the Funds Statutory Regulations and Budgetary Regulations.

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