Weekly economic review (27.09 – 01.10.2010)
The 2010 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was amended by the Decree of the President of Azerbaijan dated September 30, 2010, SOFAZ said.
The amount of expenditures of the Fund on financing projects concerning solution of the social and settlement problems of the refugees and internally displaced persons is increased to 105 mln. manats instead of the previous 80 mln. manats, the amount of expenditures for financing the reconstruction of the Samur-Absheron irrigation system is increased to 131 mln. manats instead of the previous 110 mln. manats.
The amount of expenditures for financing of the Baku-Tbilisi-Kars railway project is decreased from 80 mln. manats to 34 mln. manats. An adjustment of the SOFAZ budget has been carried out this year.
The SOFAZ budget for 2010 was amended upon Azerbaijani President Ilham Aliyev's decree in July. According to the amendments, budget revenues of the fund was increased from 5963126.7 manat to 9032139.4 manat (by 66.4 percent), and expenditures from 5,428,431.2 to 6,428,431.2 manat (18.4 percent).
The income from the sale of hydrocarbons increased from 5564476.9 manat to 8615782.1 manat, while revenue from assets management increased from 241,936 manat to 250002.7 manat.
Revenues from oil and gas transportation through the territory of Azerbaijan are fixed at 9640.8 manat. The expenditures were expanded by increasing its transfer to the state budget from 4.915 billion manat to 5.915 billion manat.
As of July 1, SOFAZ assets amounted to 18,122.3 million or 21.6 percent more compared to early 2010 ($14,900.4 million). SOFAZ revenues in January-June amounted to 6 101.2 million manat and expanditures - 2 630.2 million manat.