15:04 - 5.10.2017

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The 2017 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was amended by the Decree of the Azerbaijani President dated October 4, 2017.

Under the decree, for the purpose to specify the revenues and expenditures of  SOFAZ’s 2017 budget the revenues of the Fund from the sale of Azerbaijan's share of hydrocarbons has increased up to AZN 9.826 bn from previously stated AZN 7.55 bn, revenue item on acreage fees paid by foreign investors for use of the contract areas for the development of hydrocarbon resources up to AZN 3.605 million from previously stated AZN 3.465 million, revenues from oil & gas transportation through the territory of Azerbaijan up to AZN 17.688 million from previous AZN 16.8 million, revenue item on SOFAZ's asset management up to AZN 963.948 million from previous AZN 799.09 million, revenues on oil and gas agreements signature or performance bonuses paid by investors up to AZN 2.407 million from previous AZN 495,000.

The total revenue of SOFAZ’s budget 2017, therefore, has increased from AZN 8.37 bn up to AZN 10.8 bn.

The total expenditures of SOFAZ’s budget 2017 has increased from the previously stated AZN 14.48 bn up to AZN 15.2 bn.

The expenditure item related to financing the improvement of social condition of refugees and IDPs has increased from AZN 90 million up to AZN 105 million.

The additional expenditure item of AZN 744.07 million, related to financing of Azerbaijan’s share in the construction of the STAR oil refinery project in Turkey has been included to the Fund's budget 2017.