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Last week’s laws, orders and decrees in Azerbaijan (May 16-20)

Analysis Materials 24 May 2016 12:00 (UTC +04:00)

Azerbaijan ratifies agreement with US on air traffic

Azerbaijani parliament has ratified an agreement "On air traffic between the government of Azerbaijan and the US" at its plenary session.

The document envisages the elimination of state intervention in the airlines' commercial decisions related to the routes and pricing policy. It will allow airlines of both countries to provide with more satisfactory services in the area of passenger and cargo transportation.

Azerbaijani president approves execution of SOFAZ's 2015 budget

Azerbaijan's President Ilham Aliyev signed a decree on execution of the 2015 budget of the country's State Oil Fund (SOFAZ).

SOFAZ's revenues and expenditures were 7,721,084,900 manats and 9,187,826,900 manats, respectively, in 2015, according to the decree.

The budget revenues and expenditures were executed by 75.4 percent and 77.8 percent, respectively.

The revenues from the sale of profitable oil and gas stood at 7,369,582,100 manats, while the revenues from the oil and gas transit through Azerbaijan's territory amounted to 11,594,900 manats.

The revenues in the form of bonuses as a result of signing or implementation of oil contracts stood at 2,108,300 manats, while the revenues from the placement and management of the Fund's foreign exchange assets totalled 335,579,500 manats in 2015.

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