Azerbaijan’s president approves amendments to SOFAZ budget (UPDATE)

Details added (first version posted on 17:26)

Baku, Azerbaijan, March 18

By Azad Hasanov - Trend:

Azerbaijan's President Ilham Aliyev has signed a decree on March 18 to make amendments to the 2016 budget of the State Oil Fund of Azerbaijan (SOFAZ).

Under the amendments, SOFAZ revenues and expenditures for 2016 were set at 4,578,474,600 manats and 10,668,933,700 manats, respectively.

Revenues from the sale of Azerbaijan's profit oil and gas are forecasted at 3,875,682,400 manats, and the revenues from oil and gas transit through Azerbaijan's territory at 19.278 million manats.

In addition, the SOFAZ revenues from placement and management of assets are envisaged at 679,950,200 manats, and the bonuses paid by investors within oil and gas agreements, or in connection with their implementation at 162,000 manats.

Transfers of 7.615 billion manats to Azerbaijan's state budget will constitute the largest part of SOFAZ's expenditure structure.

The expenditures for improvement of living conditions of refugees are envisaged at 90 million manats, the expenditures for reconstruction of the Samur-Absheron irrigation system - at 70 million manats, the costs within the Baku-Tbilisi-Kars project - at 137,621,700 manats, the costs for financing the state program on education of Azerbaijani youth abroad in 2007-2015 - at 36.558 million manats.

SOFAZ's 2016 budget also envisages the expenditures for financing the state's share in the Southern Gas Corridor projects, worth 2,355,318,000 manats, and construction of the STAR refinery in Turkey, worth 331.776 million manats.

The costs for managing the SOFAZ are approved at 32.66 million manats.

SOFAZ was established in 1999 with assets of $271 million. Its main goals include: accumulation of resources and placement of its assets abroad in order to minimize the negative effect 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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