Azerbaijan Oil Fund’s budget surplus for 2011 confirmed at AZN 6 bn
Baku, Fineko/abc.az. Azerbaijani President Ilham Aliyev has ordered on approval of execution of budget of the State Oil Fund of Azerbaijan (SOFAZ).
Under the order, the SOFAZ budget was implemented for AZN 15.628 bn (122.1% of the forecast) on revenues and for AZN 9.606 bn (96.6%) on expenditures. The SOFAZ actual budget surplus for 2011 amounted to AZN 6.02 bn.
The revenues were mainly provided due to sale of profit oil and gas within the PSA contracts – AZN 15.257 bn, income from SOFAZ asset management – AZN 176.4 million, revenue from increased price of gas from field Shah Deniz – AZN 101.666 million, BTC pipeline dividends – AZN 66.78 million. Signature bonuses brought AZN 15.7 million more to the Fund.
The expenditure included a transfer of AZN 9 bn to the State Budget.
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