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Azerbaijani president approves SOFAZ 2018 budget

28 December 2017 15:09 (UTC +04:00)

President of the Republic of Azerbaijan Ilham Aliyev signed a decree on approval of budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2018 including 11,559,956,200 manats in revenues and 9,730,221,800 manats in expenditures:

The incomes of the budget of the State Oil Fund of the Republic of Azerbaijan for 2018 are established out of the following revenues:

â„–	Income 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)	9,723,786.1
2.2.	Acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources	3,612.0
2.3.	Revenues from transportation of oil and gas through the territory of the Republic of Azerbaijan	16,340.0
2.4.	Revenues from SOFAZ's asset management	1,042,046.1
2.5.	Bonuses paid by the investors due to the signature or implementation of oil and gas contracts	774,172.0
	Total	11,559,956.2

Budget expenditures of the State Oil Fund of the Republic of Azerbaijan for 2018 are assigned to the following purposes:

â„–	Directions of expenditures	Amount (in thousand manats)
3.1.	Financing the improvement of social condition of refugees and IDPs	200,000.0
3.2.	Upper bound of the transfer to 2018 State Budget of the Republic of Azerbaijan	9,216,000.0
3.3.	Financing the reconstruction of the Samur-Absheron irrigation system	90 ,000.0
3.4.	Financing "Baku-Tbilisi-Kars railway" project	176,128.0
3.5.	Financing the "State Programme on the Education of Azerbaijani Youth abroad in the years 2007-2015"	16,218.0
3.6.	Administrative expenses of the State Oil Fund of the Republic of Azerbaijan	31,875.8
	Total	9,730,221.8