2008 Budget of SOFAZ Confirmed with Surplus

Oil&Gas Materials 27 December 2007 17:55 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / Azerbaijani President issued a decree to confirm the budget of the State Oil Fund of Azerbaijan (SOFAZ), which was designed with a surplus of AZN 192.851mln.

SOFAR's incomes were defined in the amount of AZN 3,609,361,000 and expenses - AZN 1,680,853,600. Major part of revenues (over 90%) are expected from sale of profit oil. Incomes from the implementation of oil contracts are predicted in the level of AZN 3.473.109,600, including dividends from the Baku-Tbilisi-Ceyhan project (AZN 13,423,200). Profitability from management of SOFAZ funds was projected in the amount of AZN 121,928,200 and other incomes AZN 900,000.

A total of 145mln was put in the structure of SOFAZ expenses for the improvement of the social living conditions of refugees and internally displaced people; AZN 120,600 for financing projects on the reconstruction of the Samur-Absheron irrigation system, AZN 211,820 for the construction of the water pipeline from the Oguz-Gabala zone to Baku; AZN 88,682 for railway main Baku-Tbilisi-Kars; AZN 5mln for the State Program on education of Azerbaijani youth abroad.

Transfers from the State Oil Fund of Azerbaijan to the pubic budget in the amount of AZN 1.1bln. Expenses for handling the Oil Fund were projected for AZN 9,751,600.