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SOFAZ 2018 budget approved

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Ilham Aliyev, the President of the Republic of Azerbaijan signed on December 28, 2017 the Decree approving budget of the State Oil Fund of the Republic of Azerbaijan for the year 2018, SOFAZ reported to Caspian Barrel December 29. 

Budget including 11 559 956.2 thousand manats in revenues and 9 730 221.8 thousand manats in expenditures as followings:

The incomes of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2018 are established out of the following revenues:

Income sources

Amount
(in thousand manats)

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)
9 723 786.1
Acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources
3 612.0
Revenues from transportation of oil and gas through the territory of the Republic of Azerbaijan
16 340.0
Revenues from SOFAZ’s asset management
1 042 046.1
Bonuses paid by the investors due to the signature or implementation of oil and gas contracts

774 172.0

Total
11 559 956.2

 

Budget expenditures of the State Oil Fund of the Republic of Azerbaijan for the year 2018 are assigned to the following purposes:

Directions of expenditures

Amount
(in thousand manats)

Financing the improvement of social condition of refugees and IDPs
200 000.0
Upper bound of the transfer to 2017 State Budget of the Republic of Azerbaijan
9 216 000.0
Financing the reconstruction of the Samur-Absheron irrigation system
90 000.0
Financing “Baku-Tbilisi-Kars railway” project
176 128.0
Financing the “State Programme on the  Education of Azerbaijani Youth abroad in the years 2007-2015”
16 218.0
Administrative expenses of the State Oil Fund of the Republic of Azerbaijan
31 875.8
Total
9 730 221.8

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

 

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