SOFAZ 2017 budget approved with AZN 6.1B-deficit

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# 16:02
10 January 2017

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

 

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THE OPERATION IS BEING PERFORMED