Azerbaijan, Baku, Feb. 9 / Trend E. Ismayilov /
The amendments to the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2012 were approved by a decree under Azerbaijani President Ilham Aliyev.
According to the decree, SOFAZ expenditures increased to 10.751.304 billion manat compared to the previously approved of 10.561.304 billion manat to ensure timely implementation of measures related to social issues and placement of refugees and homeless people.
According to the budget, SOFAZ revenues for 2012 were approved at 10.697.030.6 billion manat.
Net revenues obtained by Azerbaijan from the sale of hydrocarbons are expected to reach 10.365.432 billion manat; investors' acre payments, 3.342.800 billion manat; revenue from oil and gas transportation through Azerbaijan, 8,137 manat; revenue from asset placement, 319.218.8 manat and other income 900,000 manat all in the SOFAZ revenue budget for 2012.
According to the changes, expenditure increased to 300 million manat compared to the previous figure of 110 million manat in SOFAZ expenditure budget for 2012.
According to the Fund's budget, 9.905 million manat will be transferred to the state budget in 2012. About 200 million manat will be used to finance the reconstruction of the Samur-Absheron irrigation system, 20 million manat to finance programme on the education of Azerbaijan youth abroad during the years of 2007-2015 and 252,484 manat to finance the Baku-Tbilisi-Kars railway.
The Fund's expenditures totalled 73,820 manat, whilst SOFAZ's assets stood at $29.8 billion.
The official exchange rate is 0.7863 AZN/USD on Feb. 9.