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Weekly economic review (27.12- 30.12.2010)

Analysis Materials 5 January 2011 12:02

The President of Azerbaijan Ilham Aliyev signed an order approving 2011budget of the State Oil Fund of Azerbaijan (SOFAR), AzerTAj state news agency reported.

The Fund's 2011 budget revenues were approved at 9 132 941.0 thousand manats, its expenditures at 6 886 155.4 thousand manats.

Net incomes from selling of carbohydrates are estimated at 8 349 564,1 manat, dividends of Azerbaijan regarding realization of oil-gas projects - 148 024,4 manat, incomes from transfer of oil and gas via Azerbaijan -10 452,0 manat, the incomes earned from management of resources of State Oil Fund - 340 252,8 manat, other incomes - 900.0 manat. Incomes from the difference in the cost of gas purchased during the first phase of development of Azerbaijani Shah Deniz gas field are forecasted at 283,249,200 manat.

The State Oil Fund's expenditures include financing some measures in connection with social welfare and settlement of refugees and internally displaced people - 110 000,0, transfer to the state budget of Azerbaijan Republic for 2009 - 6 480 000,0, financing the project of construction of water pipeline from Oghuz-Gabala to Baku - 33 446,0, financing the project of reconstruction of Samur-Absheron irrigation system - 110 000.0, financing Baku-Tbilisi-Kars new railway project - 80 215,1, financing the State Program on education of Azerbaijani youth abroad for 2007-2015 - 15 000.0, expenses on management of State Oil Fund - 57 494,3.

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