Azerbaijani president approves country’s state oil fund’s budget for 2016 (UPDATE)

Details added (first version posted on 18:16)

Baku, Azerbaijan, Dec. 29

Trend:

The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2016 has been approved by a decree of Azerbaijani President Ilham Aliyev.

SOFAZ revenues for 2016 have been defined at 6.711.564 billion manats, expenditures - 8.181.400 billion manats, according to the approved budget.

In the structure of income, revenues from the sale of profitable oil and gas of Azerbaijan are forecasted in the amount of 6.094.053 billion manats, acre payments - 2.1 million manats, income from oil and gas transit through the territory of Azerbaijan - 12.6 million manats.

In addition, revenues of the fund from the placement and management of assets are provided in the amount of 602.790 million manats, bonuses paid by investors within oil and gas agreements, or in connection with their implementation - 21,000 manats.

Transfers to the state budget of Azerbaijan worth six billion manats will be the largest part in the expenditure structure of the fund.

Expenditures for the improvement of living conditions of refugees are provided in the amount of 90 million manats, expenditures for the reconstruction of the Samur-Absheron irrigation system - 70 million manats, costs within the framework of the Baku-Tbilisi-Kars project construction - 137.622 million manats, costs for financing the state program on education of Azerbaijani youth abroad in 2007-2015 - 36.558 million manats.

In addition, the state oil fund's budget for next year provides for the expenditures for financing the state's share in the Southern Gas Corridor projects worth 1.823 billion manats.

Costs of fund management are approved at the level of 24.42 million manats.

SOFAZ was established in 1999 with assets of $271 million.

As of October 1, 2015, SOFAZ assets reduced by 6.38 percent compared to early 2015 ($37.1 billion) and were estimated at $34.74 billion.

Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

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