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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

SOFAZ budget for 2013 approved with a deficit of AZN 2 bln for SOCAR projects

Posted on 08 January 2013

The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2013 was approved with a phenomenal deficit of AZN 1.9 bn. Under the relevant presidential order, SOFAZ budget was endorsed with income of AZN 11.48 bn and expenditures of AZN 13.4 bn.
Fund’s net proceeds from the sale of hydrocarbons attributable to the share of Azerbaijan (excluding the cost of transportation of hydrocarbons, the cost of banking, customs clearance, independent survey, marketing, insurance, and except for the income attributable to investments or equity stake of SOCAR) amount to AZN 11.17 bn………………………………………..Full Article: Source


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