Azerbaijan approves budget execution of State Oil Fund for 2021


BAKU, Azerbaijan, July 8. President of
Azerbaijan Ilham Aliyev has signed a Decree on the 2021 budget
execution of the State Oil Fund of Azerbaijan (SOFAZ), Trend reports.

Given the decision of the Supervisory Board of the State Oil
Fund on the report related to the implementation of the SOFAZ
budget for 2021 in accordance with the “Regulations on the State
Oil Fund of the Republic of Azerbaijan”, approved by Presidential
Decree dated December 29, 2000 No. 434, and “Rules for compilation
and execution of the program of annual revenues and expenses
(budget) of the State Oil Fund of the Azerbaijan Republic”,
approved by the Presidential Decree dated September 12, 2001 No.
579, and the conclusion of an international audit organization on
the financial activities of the Fund, is decided:

To approve the implementation of the 2021 budget of the State
Oil Fund of the Republic of Azerbaijan as indicated below, with
revenues of 15.9 billion manat ($9.35 billion), expenditures of
11.38 billion manat ($6.69 billion), or at the level of 199.8
percent of income and 92.9 percent of expenditure:

Serial number

Indicators

In manat

Total income:

15.9 billion manat ($9.35 billion)

including:

1.

Net income received from the sale of hydrocarbons attributable
to the share of the Republic of Azerbaijan (net of hydrocarbon
transportation costs, banking expenses, customs clearance costs,
independent control (surveyor), marketing and insurance, and
excluding income attributable to investments or equity
participation of the State Oil Company of the Republic of
Azerbaijan in projects in which it is an investor, shareholder or
partner)

11.89 billion manat ($6.69 billion)

2.

Per acre payments paid by investors for the use of contract area
to develop hydrocarbon resources

5.28 million manat ($3.1 million)

3.

Profits received from oil and gas transmission through
Azerbaijan

21.38 million manat ($12.58 million)

4.

Income from the placement and management of foreign exchange
assets of the State Oil Fund

3.28 billion manat ($1.9 billion)

5.

Premiums paid by investors due to the signing or execution of
oil and gas agreements

776.9 million manat ($457.27 million)

Total expenditure:

11.38 billion manat ($6.69 billion)

including:

1.

The upper limit of the transfer to the state budget of the
Republic of Azerbaijan for 2021

11.3 billion manat ($6.6 billion)

2.

Financing of the “State program for improving the international
competitiveness of the higher education system in the Republic of
Azerbaijan for 2019-2023”

10.2 million manat ($6. million)

3.

Expenses related to the management of the State Oil Fund of the
Republic of Azerbaijan

22.47 million manat ($13.2 million)



en.trend.az

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