Weekly economic review (11.07- 15.07.2011)

Analysis Materials 18 July 2011 14:47 (UTC +04:00)

President of Azerbaijan Ilham Aliyev has approved amendments to the 2011 budget of the State Oil Fund of Azerbaijan (SOFAZ).

Under the amendments, the Oil Fund's revenues were increased from 9.132.941 billion manat to 12.796.172 billion manat and expenses - from 6.886.155.4 billion manat to 9.939.985.3 billion manat.

The income from the sale of hydrocarbons increased from 8.349.564.1 billion manat to 12.137.044 billion manat, income from the difference in the cost of gas purchased within the first phase of development of Azerbaijani Shah Deniz gas condensate field reduced from 283.249.2 million manat 101.666 million manat, dividends from the realization of oil and gas projects (on the construction of the Baku-Tbilisi-Ceyhan pipeline) reduced from 148.024.4 million manat to 131.992 million manat, revenues from the transportation of oil and gas through Azerbaijan reduced from 10.452 million manat to 8.920 million manat. The budget includes bonuses from oil and gas projects in amount of 17.600 million manat.

The income received from the placement and management of Fund's assets increased from 340.252.8 million manat to 396.362 million manat.

The expenses on implementing measures to improve social conditions and resettlement of refugees and internally displaced persons increased from 110.000 million manat to 140.000 million manat, on financing the reconstruction of the Samur-Absheron irrigation system - from 110.000 million manat to 200.000 million manat.

The expenses on Baku-Tbilisi-Kars railway construction project increased from 80.215.1 million manat to 260.800 million manat. The expenses on management of the Oil Fund increased from 57.494.3 million manat to 87.539.3 million manat, and transfers to the Public budget increased from 6.48 billion manat to 9.203.2 billion manat.