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SOFAZ 2017 budget approved with AZN 6.1B-deficit

10 January 2017 16:02 (UTC +04:00)

The execution of 2015 budget was approved as following with the revenues of AZN 8,370,589,800 and expenditures of AZN 14,483,856,000, which were relevantly fulfilled.

SOFAZ budget deficit is approved at AZN 6.1 billion.

SOFAZ 2017 budget is formed from following receipts:

No	Sources of revenues	Amount of revenues (thousand manat)
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)	7,550,705.3
2.2.	Acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources	3,465.0
2.3.	Revenues from transportation of oil and gas through the territory of the Republic of Azerbaijan	16,830.0
2.4.	Revenues from SOFAZ's asset management	799,094.6
2.5.	Bonuses paid by investors to SOCAR or authorized state body for signing or execution of oil and gas contracts	495.0
	Total	8,370,589.9

Budget expenditures will be executed as follows:

No	Expenditures	Amount of expenditures (thousand manat)
3.1.	Financing the improvement of social condition of refugees and IDPs	90,000.0
3.2.	Upper limit of transfer to 2017 State Budget of the Republic of Azerbaijan	6,100,000.0
3.3.	Upper limit of transfer to Central Bank of Azerbaijan	7,500,000.0
3.4.	Financing the reconstruction of the Samur-Absheron irrigation system	70,000.0
3.5.	Financing "Baku-Tbilisi-Kars railway" project	165,825.0
3.6.	Financing the "State Programme on the Education of Azerbaijani Youth abroad in the years 2007-2015"	29,304.0
3.7.	Financing the share of the Republic of Azerbaijan in Southern Gas Corridor projects	496,155.0
3.8.	Administrative expenses of the State Oil Fund of the Republic of Azerbaijan	32,572.0
	Total	14,483,856.0