Azerbaijan Oil Fund’s budget for 2018 approved


December 29, Fineko/ President Ilham Aliyev has endorsed the budget of the State Oil Fund of Azerbaijan (SOFAZ).

In compliance with the presidential decree, Fund’s revenues for the next year are forecasted at the level of AZN 11.559 bn and expenditures at AZN 9.7 bn.

In particular, SOFAZ revenues will be AZN 9.723 bn from profit oil, AZN 3.612 million from acre payments, AZN 16.34 million from oil & gas transit, AZN 1.042 bn from placement and management of Fund’s currency assets, AZN 774.17 million of bonuses from oil companies’ obligations on contracts.

SOFAZ’s expenditures include AZN 200 million for financing the measures aimed at improving social and domestic problems of refugees and internally displaced persons, AZN 9.216 bn for transfer to the State Budget, 90 million for financing the project of reconstruction of Samur-Absheron irrigation system, AZN 176.128 million for financing Baku-Tbilisi-Kars railway project, AZN 16.218 million for the Azerbaijani Youth Education Abroad in 2007-15 and AZN 31.875 million for the Fund’s management.



Keywords: SOFAZ Oil Fund