SOFAZ to Spend $437 mln on Construction of Oil Refinery

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On October 4, Azerbaijani President Ilham Aliyev approved changes in the budget of the State Oil Fund (SOFAZ) of Azerbaijan for 2017.

According to the changes, SOFAZ revenues increase up to 10 billion 813 million 861.6 thousand manat from approved 8 billion 370 million 589.8 thousand manat, i.е. income growth will be 29.2%.

SOFAZ expenditures increase to 15 billion 242 million 928 thousand manat from the initial 14 billion 483 million 856 thousand manat, that is, by 5.2%.

In the revenue structure, revenues from the sale of profitable oil and gas in Azerbaijan in 2017 will make 9 billion 826.212 million manat (an increase of 30.1%).

Other items of SOFAZ income will increase slightly.

In the structure of expenditures, the changes envisage an increase in financing for improving the living conditions of refugees by 105 million manat.

In addition, the changes envisage the allocation of 744.072 million manat ($ 437.68 million at the current rate) for financing the construction of a STAR refinery in Turkey (previously there were no funds for this purpose in the budget of SOFAZ for 2017).

As previously reported, SOFAZ has so far allocated 927.9 million manat for the construction of the STAR refinery.


Income (thousand AZN)
  Previous budget Renewed budget
Sale of profit oil and gas 7,550,705.3 9,826,212
Per acre payments 3,465 3,605
Income from oil and gas transit 16,830 17,688
Income from asset placement and management 799,094.6 799,094.6
Bonuses 495 2,407.6
Total        8,370,589.9 10,813,861.6
Expenses (thousand AZN)
Transfers to the Central Bank to secure the country’s macroeconomic stability 7,500,000 7,500,000
Transfers to the state budget 6,100,000 6,100,000
Improvement of IDPs’ living conditions 90,000 105,000
Samur-Absheron irrigation system reconstruction 70,000 70,000
Baku-Tbilisi-Kars railway construction 165,825 165,825
Financing of the state share in the STAR oil refinery project 744,072
Financing of the education of Azerbaijani students abroad 29,304 29,304
Financing of the state share in the South Gas Corridor projects 496,155 496,155
SOFAZ management 32,572 32,572
Total 14,483,856 15,242,928

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