Finance

Finance

Azerbaijani President issues decree on SOFAZ 2016 budget

29 December 2015 16:18 (UTC +04:00)

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:

â„–	Sources	Amount (in thousand manats)
2.1.	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)	6,094,053.0
2.2.	Acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources	2,100.0
2.3.	Revenues from transportation of oil and gas through the territory of the Republic of Azerbaijan	12,600.0
2.4.	Revenues from SOFAZ's asset management	602,790.1
2.5.	Bonuses paid by investors for signing or execution of oil and gas contracts	21.0
	Total	6,711,564.1

SOFAZ expenditures will be directed to:

â„–	Directions	Amount (in thousand manats)
3.1.	Financing the improvement of social condition of refugees and IDPs	90,000.0
3.2.	Transfer to 2016 State Budget of the Republic of Azerbaijan	6,000,000.0
3.3.	Financing the reconstruction of the Samur-Absheron irrigation system	70,000.0
3.4.	Financing "Baku-Tbilisi-Kars railway" project	137,621.7
3.5.	Financing the "State Programme on the Education of Azerbaijani Youth abroad in the years 2007-2015"	36,558.0
3.6.	Financing the share of the Republic of Azerbaijan in Southern Gas Corridor projects	1,822,800.0
3.7.	Administrative expenses of the State Oil Fund of the Republic of Azerbaijan	24,420.0
	Total	8,181,399.7

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”.