President Aliyev approves State Oil Fund of Azerbaijan's budget-2015
By signing a decree Azerbaijani President Ilham Aliyev approved the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2015.
According to the approved budget, SOFAZ's income for 2015 was estimated at 10,246,611 AZN, expenses - 11,813,909 AZN.
In the structure of revenues, the proceeds from the sale of lucrative oil and gas in Azerbaijan will hit 9,741,175 AZN, acre payments - 1,568,4 AZN, revenues from oil and gas transit through the territory of Azerbaijan - 9,410,4 AZN.
Moreover, SOFAZ's proceeds from the placement and asset management are envisaged in the amount of 494,357,5 AZN and other income - 100,000 AZN.
In the structure of expenditure, the largest part will account for the transfers to the state budget of Azerbaijan - 10.388 billion AZN.
The expenses for the improvement of the refugees' living conditions are envisaged in the amount of 150 million AZN, for the reconstruction of the Samur-Absheron irrigation system - 90 million AZN, as part of the Baku-Tbilisi-Kars railways construction project - 111.487 million AZN, the expenses for financing the state program on education of Azerbaijani youth abroad in 2007-2015 - 44.088 million AZN.
Moreover, SOFAZ's budget for the next year includes the expenditure for financing the country's share in the projects of the Southern Gas Corridor - 997,016,2 AZN.
SOFAZ management expenses were approved at 33.318 million AZN.
SOFAZ-2014 income was approved at the level of 11,626,943 AZN, expenses - 11,349,934 AZN.
The Azerbaijani president has also approved the main directions of using SOFAZ funds for 2015 and estimated costs for SOFAZ management in the current year.