PRESIDENT ILHAM ALIYEV ENDORSES SOFAZ’S 2008 BUDGET
President Ilham Aliyev has today signed a decree to endorse the 2008 budget of the State Oil Fund of Azerbaijan Republic (SOFAZ).
The decree put SOFAZ’s 2008 budget revenues at AZN 3,609,361,000 and expenditures at AZN 1,680,853,600
Budget revenues include AZN 3,473,109,600 in net revenues from the sale of hydrocarbons falling to the share of the Republic of Azerbaijan, AZN 13,423,200 in dividends to come from implementation of oil and gas projects, AZN 121,928,200 in revenues to be generated from SOFAZ assets management, AZN 900,000 from other sources.
Fund’s expenditures include AZN 1,100,000,000 to be transferred to the state budget, AZN 145,000,000 to be spent on improvement of social conditions and housing of refugees and IDPs, AZN 211,820,000 on Oguz-Gabala -Baku water pipeline project, 120,600,000 on reconstruction of the Samur-Absheron irrigation system, AZN 88,682,000 on Baku-Tbilisi-Kars railway project, AZN 5,000,000 on state youth education abroad program, 9,751,600 on management of the State Oil Fund.
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