SOFAZ, 2012 budget approved with surplus

SOFAZ, 2012 budget approved with surplus

Azerbaijan, Baku, Jan 2 /Trend E.Ismayilov/

The budget of the State Oil Fund of Azerbaijan (SOFAR) in 2012 has been approved by the President of Azerbaijan Ilham Aliyev, the state news agency AzerTaj said on Friday.

According to the approved budget, revenues of SOFAR were estimated at 10 697 030.6 manat for 2012 with expenses amounting to 10,561,304 manat.

Net proceeds to Azerbaijan received from the sale of hydrocarbons amounted to 10,365,432 manat; per acre with investors receiving 3 342 800 manat. Revenues from oil and gas transportation throughout the country amounted to 8137 thousand manat, income from accommodation and the asset management fund amounted to 319 218.8 thousand manat whilst other income amounted to 900 manat in the revenue budget of SOFAR for 2012
Funding to improve the social conditions of refugees and the homeless amounted to 110 million manat. Transfers to the state budget in 2012 came to 9905 million manat; finance for the reconstruction of the Samur-Absheron irrigation system is 200 million manat, construction of new railway Baku-Tbilisi-Kars 252, 484, 000 manat and the State Programme on Azeri youth education abroad in 2007-2015 amounted to 20 million manat. Costs of the Oil Fund Management was approved at 73 820 000 manat.

The presidential decision also approved the main areas of SOFAZ expenditure in 2012 and the cost of fund management in 2012. The State Oil Fund's assets amount to about $32.1 billion.
The official exchange rate on Dec 30 is 0.7865 AZN/USD

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