SOFAZ 2012 budget amended

SOFAZ 2012 budget amended
# 04 July 2012 07:19 (UTC +04:00)
In accordance with the Decree, taking into account that Azerbaijan will receive extra revenues from implementation of oil and gas agreements under the circumstances of high price of crude oil and in connection with amendments to the 2012 state budget, it is necessary to make amendments to the Fund’s 2012 budget.

As per the Decree, the amount of revenues of the Fund from sale of the Republic of Azerbaijan’s share of hydrocarbons is increased to 13 388 644.0 thousand manats instead of the previous 10 365 432.0 thousand manats, the revenues of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2012 are increased from 10 697 030.6 thousand manats to 13 721 815.2 thousand manats and the Fund’s 2012 budget is to include an additional revenue item of 1 572.6 thousand manats related to the oil and gas agreements signature or performance bonuses paid by investors.
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THE OPERATION IS BEING PERFORMED