Azerbaijan, Baku, Dec. 26 / Trend N.Ismayilova / Azerbaijani President Ilham Aliyev approved the 2010 budget of the State Oil Fund of Azerbaijan Republic (SOFAZ) and signed a decree on budget-related activities, the presidential press service reported.
The president's decree dated Dec. 25 confirmed the basic directions of spending SOFAZ funds in 2010 and estimates for management of SOFAZ asset for 2010.
The SOFAZ revenues were approved at 5.96 billion manat and expenditures at 5.43 billion manat. SOFAZ management expenditures approved at 33.43 billion manat.
SOFAZ budget are expected to receive net revenues at 5.56 billion manat from the sale of Azerbaijani oil, dividends falling on the country in connection with the sale of oil and gas projects (the Baku-Tbilisi-Ceyhan project ) - 155 8 million manat, placement and management of fund assets - 241.94 million manat and other sources - 0.9 million manat.
The fund will transfer roughly 4.91 billion manat to the budget next year. The fund will grant 200 million manat for the construction of the Oguz-Gabala Water Supply System to Baku, 110 million manat for the reconstruction of the Samur-Absheron Irrigation System, 80 million manat to improve the lives of refugees and IDPs, 80 million manat for the construction of the Baku-Tbilisi-Kars Railway and 10 million manat to finance youth education abroad under the 2007-2015 state program. The expenditures coincide with SOFAZ expenses in 2009.
The average amount of SOFAZ projected investment portfolio for 2010 totaled 10.6 billion manat.
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