Azerbaijani President approved budget of State Oil Fund for fiscal year 2015

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neft_fondu_yeniOn January 19, 2015 Azerbaijani President Ilham Aliyev issued a decree to approve budget of the State Oil Fund of Azerbaijan (SOFAZ) for fiscal year 2015.

According to the budget, SOFAZ’s incomes in 2015 will total 10,246,611,900 AZN and costs – 11,813,909,200 AZN.

The proceeds from sale of profitable oil and gas of Azerbaijan will total 9,741,175,600 AZN, per-acre payments – 1,568,400 AZN and incomes from transit of oil and gas through Azerbaijan – 9,410,400 AZN. In addition, SOFAZ’s incomes from placement and management of assets are envisaged at 494,357,500 AZN and other incomes – 100,000 AZN.

The transfers to the state budget of Azerbaijan totaling 10,388,000,000 AZN will constitute the biggest part of the costs of the Fund.

The expenses for improvement of living conditions of refugees are envisaged at 150 million AZN, reconstruction of the Samur-Absheron irrigation system – 90 million AZN, construction of the Baku-Tbilisi-Kars railway – 111,487,000 AZN and costs for funding of the state program for training Azerbaijani youth abroad from 2007 to 2015 – 44,088,000 AZN.

In addition, the budget of the State Oil Fund envisages costs for funding of the state’s share in the Southern Gas Corridor project – 998,017,200 AZN.

The costs for management of the Fund are approved at 33,318,000 AZN.

In 2014 approved SOFAZ’s incomes totaled 11,626,943,400 AZN, while costs – 11,349,934,800 AZN.

By January 19, 2015 the official rate totaled 0.7844 AZN to 1 USD.

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