Ilham Aliyev signed Decree on SOFAR budget for 2006 and introduced changes to the Fund’s budget for 2005

Politics Materials 29 December 2005 15:10 (UTC +04:00)

President of Azerbaijan Ilham Aliyev signed a Decree on the budget of the State Oil Fund of Azerbaijan Republic (SOFAR) for 2006, Trend reports. Under the Decree, taking into consideration approval of costs and revenues by Milli Mejlis of Azerbaijan included in the survey budget of 2006, the Fund’s budget for 2006 is defined in the amount of 807.842,6 thousand AZN, expenditures- 954 287,7 thousand AZN.

The major part of the fund’s revenues will be formed on the account of the net revenues, obtained from the sale of the Azerbaijani part of the hydrocarbons (684 million AZN).

The main part of the fund’s expenditures is formed on the account of the following receipts: funding some events related to social-economic conditions of refugees and internally displaced people (IDPs) - 110,311 thousand AZN, funding of the Azerbaijan’s part of the Baku-Tbilisi-Ceyhan (BTC) project (38 million AZN), transfers to the state budget (585 million AZN) and etc.

By his another Decree the head of the Azerbaijan’s state introduced changes to the SOFAR budget for 2005.

The Decree notes, taking into account the increase of costs on the BTC pipeline construction, the decision is taken to increase the SOFAR costs from 1072871,0 to 1172871,0 million AZN aimed at funding additional costs.