Azerbaijani State Oil Fund budget approved for 2013

Photo: Azerbaijani State Oil Fund budget approved for 2013
 / Oil&Gas

Azerbaijan, Baku, Jan.2 / Trend /

Azerbaijani President Ilham Aliyev has approved the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2013, the State news agency AzerTAj informed on Friday.

According to the approved budget, SOFAZ revenues for 2013 are estimated at 11.482 billion manat with expenses at 13.403 billion manat.

According to the revenue side of the budget for this year, the net proceeds from the sale of hydrocarbons are provided at a rate of 11.171 billion manat; acreage payments to investors is 1.833 million manat, income from transportation of oil and gas through Azerbaijan 9.223 million manat, income derived from the placement and management of the Fund's assets 287.448 million manat, bonuses paid by investors in connection with the signing or execution of oil and gas agreements 11.963 million manat and other income 500,000 manat.

The expenditure side of SOFAZ budget for 2013 provides financing of measures to improve the social conditions of refugees and internally displaced people at the level of 300 million manat and transfers to the state budget in 2012 11.350 million manat.

Financing reconstruction of the Samur-Absheron irrigation system 107.438 million manat, construction of the new Baku-Tbilisi-Kars railway 138.274 million manat, implementation of the State Programme on education of Azerbaijani youth abroad in 2007-2015 - 34.056 million manat, financing the high-speed fibre optic network project with opportunity of access to all towns in Azerbaijan 103.555 billion manat, financing the share of Azerbaijan in the construction of the Star oil refinery in Turkey, 596.600 million manat, financing the share of Azerbaijan in the TANAP project, 86.350 million manat and financing the share of Azerbaijan in the construction of a modern floating drilling complex in the Caspian Sea - 388.575 million manat.

The cost of managing the oil fund is approved at 86.3 million manat.

A presidential decision also approved the main uses of SOFAZ for 2013 and the estimated costs of administering the fund in the coming year.

It was projected that by the end of 2012 SOFAZ assets level would reach $34 billion.

SOFAZ was established in 1999 when its assets amounted to $271 million.

The main purposes of the fund are: accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, preventing 'Dutch syndrome', ensuring savings for future generations and maintenance of the current socio-economic standard in the country.

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