SOFAZ 2012-budget amended

The 2012 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was amended by the Decree of the President of Azerbaijan dated July 2, 2012, SOFAZ said today.

In accordance with the Decree, taking into account that Azerbaijan will receive extra revenues from implementation of oil and gas agreements under the circumstances of high price of crude oil and in connection with amendments to the 2012 state budget, it is necessary to make amendments to the Fund's 2012 budget.

As per the Decree, the amount of revenues of the Fund from sale of the Republic of Azerbaijan's share of hydrocarbons is increased to 13.388.644 bln manat instead of the previous 10.365.432 bln manat, the revenues of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2012 are increased from 10.697.030.6 bln manat to 13.721.815.2 bln manat and the Fund's 2012 budget is to include an additional revenue item of 1.572.6 mln manat related to the oil and gas agreements signature or performance bonuses paid by investors.

SOFAZ was established in 1999 and then its assets amounted to $271 million.

SOFAZ assets increased by 30.9 per cent as of January 1, 2012 compared to early 2011 ($22.766.8 billion) and amounted to $29.8 billion.


/Trend/