The 2018 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was amended by the Decree of the President of Azerbaijan dated July 17, 2018.
According to the Decree, for the purpose of specify the revenues and expenditures of SOFAZ’s 2018 budget the revenues of the Fund from the sale of the Republic of Azerbaijan's share of hydrocarbons has increased to 13,307,411.0 thousand manats from the previously stated 9,723,786.1 thousand manats, revenue item on acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources has increased to 4,080.0 thousand manats from the previously stated 3,612.0 thousand manats, revenues from transportation of oil and gas through the territory of the Republic of Azerbaijan has increased to 17,370.0 thousand manats from the previous 16,340.0 thousand manats, revenue item on SOFAZ's asset management has increased to 1,216,734.8 from the previous 1,042,046.1 thousand manats, revenues on oil and gas agreements signature or performance bonuses paid by investors has increased to 774,172.0 thousand manats from the previous 765,228.1 thousand manats. The total revenue of SOFAZ’s 2018 budget, therefore, has increased from 11,559,956.2 thousand manats to 15,310,823.9 thousand manats.
According to the Decree, the highest limit of the transfer payment to the 2018 state budget of the Republic of Azerbaijan has increased from 9,216,000.0 thousand manats to 10,966,000.0 thousand manats.
The total expenditures of SOFAZ’s 2018 budget has increased from the previously stated 9,730,221.8 thousand manats to 11,480,221.8 thousand manats.
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