Azerbaijani President issues decree on SOFAZ 2016 budget

Wed 30 December 2015 05:42 GMT | 09:42 Local Time

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President Ilham Aliyev has issued a decree on 2016 budget of the State Oil Fund of Azerbaijan.

According to APA-Economics, the revenues of Fund’s 2016 budget were approved at AZN 6,711,564,100, expenditures at AZN 8,181,399,700.

SOFAZ revenues will be generated by following receipts:

1. Proceeds from sales of the Republic of Azerbaijan's share of hydrocarbons (deducts the costs of hydrocarbon 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) - AZN 6,094,053.0

2. Acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources - AZN 2,100.0

3. Revenues from transportation of oil and gas through the territory of the Republic of Azerbaijan - AZN 12,600.0

4. Revenues from SOFAZ's asset management - AZN 21.0

SOFAZ expenditures will be directed to:

1. Financing the improvement of social condition of refugees and IDPs - AZN 90,000.0

2. Transfer to 2016 State Budget of the Republic of Azerbaijan - AZN 6,000,000.0

3. Financing the reconstruction of the Samur-Absheron irrigation system - AZN 70,000.0

4. Financing "Baku-Tbilisi-Kars railway" project - AZN 137,621.7

5. Financing the "State Programme on the  Education of Azerbaijani Youth abroad in the years 2007-2015" - AZN 36,558.0

6. Financing the share of the Republic of Azerbaijan in Southern Gas Corridor projects - AZN 1,822,800.0

7. Administrative expenses of the State Oil Fund of the Republic of Azerbaijan - AZN 24,420.0

Moreover, the President also approved t "The framework (program) of the main directions of utilization of Oil Fund's assets for 2016" and Estimate of expenditures related to the management of the State Oil Fund of the Republic of Azerbaijan for 2016”.





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