Azerbaijan State Oil Fund budget for 2012 approved with revenue surplus of 1.3%

Baku, Fineko/ The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2012 was approved by a decree of President Ilham Aliyev on 29 December.

Under the decree, SOFAZ budget revenues in 2012 will amount to AZN 10.697 bn and expenditures AZN 10.56 bn.

As a result, the SOFAZ budget surplus is expected at AZN 135.726 million or 1.27% of its expected revenues. The budget was passed with oil export price forecast at $80 per barrel.

Next year’s SOFAZ revenue is expected to consist of net income from export of the country’s profit oil on international contracts – AZN 10.365 bn. Another AZN 319.218 million will be provided due to income from placement and management of Fund’s assets. Acre payments will bring AZN 342,800 to the SOFAZ, transit fee AZN 8.137 million, and other income and revenues AZN 900,000.

SOFAZ expenditures will include a transfer to the State Budget AZN 9.905 bn. Another 252.48 million will be spent to finance construction of the Georgian section of Baku-Tbilisi-Kars railway line, AZN 200 million for construction of Samur-Absheron water supply system, AZN 110 million for improvement of social conditions for refugees and IDPs, AZN 20 million for education of young Azerbaijanis abroad. Expenditures on management of the Fund itself are estimated at AZN 73.8 million.

The SOFAZ management expenditures impress, but are completely justified in the estimate of its expenditures. As it turns out, according to the estimate, these expenditures (AZN 50 million) are spent on construction of a new residence of the Fund. The SOFAZ will spend AZN 3.186 million on wages, including AZN 2.479 million on salaried staff, AZN 70,000 for freelancers and AZN 637,300 for other employment benefits. At that, payment of bank charges is estimated at AZN 6.18 million.


30.12.2011 08:57


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