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Azerbaijani President approves SOFAZ budget for 2020

30.12.2019,12:26


December 30, Fineko/abc.az. The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2020 has been endorsed.

ABC.AZ reports that President Ilham Aliyev signed a decree on the budget of the State Oil Fund of the Republic of Azerbaijan for 2020.

Under the decree, SOFAZ revenues for 2020 are projected at the level of AZN 12.384 bn and expenditures AZN 11.589 bn.

Oil Fund’s revenues amount to AZN 10.56 bn received from the sale of hydrocarbons on the share of Azerbaijan (net income from the sale of hydrocarbons falling on the share of Azerbaijan (excluding the costs of hydrocarbons transportation, banking, customs costs, independent supervision (surveyor), marketing and insurance costs, including excluding revenue from SOCAR's share in the project, investor, shareholder, or partner of which it is involved), income from oil and gas transit through the territory of Azerbaijan - AZN 19.38 million, from the placement and management of SOFAZ assets – AZN 1.31 bn, bonuses paid by investors in connection with oil & gas agreements or their execution – AZN 765.34 million.

By Elmir Murad