Azerbaijani president approves execution of SOFAZ’s 2017 budget (UPDATE)
Details added (first version posted on 19:43)
Baku, Azerbaijan, July 17
Azerbaijani President Ilham Aliyev has signed an order on execution of the 2017 budget of the country’s State Oil Fund (SOFAZ).
SOFAZ’s revenues and expenditures were 12.137 billion manats and 11.015 billion manats, respectively, in 2017, according to the order.
The budget revenues and expenditures were executed by 112.2 percent and 72.3 percent, respectively.
In the structure of revenues, main part accounted for the net profit from the sale of Azerbaijan’s hydrocarbons (11.029 billion manats) and the revenues received from the management of foreign exchange assets of SOFAZ (1.083 billion manats).
The biggest part of expenditures accounted for the transfers to the state budget of Azerbaijan (6.1 billion manats), the transfers to the Central Bank of Azerbaijan to provide macroeconomic stability accounted for 3.95 billion manats and the transfers to finance Azerbaijan’s share in the STAR oil refinery construction project in Turkey - 735.422 million manats).