22.01.2015 - Deficit-ridden budget of the Oil Fund of Azerbaijan approved for 2015
The budget of the State Oil Fund (SOFAZ) for 2015 has been approved by the decree of Ilham Aliyev, President of Azerbaijan. According to the decree, SOFAZ revenues in 2015 are expected to be at the level of AZN 10,246,611,900, while the expenses are set at the level of AZN 11,813,909,200. In other words, the Fund’s budget will be in deficit for AZN 1,567,297,300. The Fund’s revenue will be formed mostly by oil and gas PSA income (AZN 9,741,175,600), and by SOFAZ assets management (AZN 494,357,500). Per-acre payments of SOFAZ participants (AZN 1,568,400) and payment for transportation of oil and gas through the territory of the country (AZN 9,410,400) will also contribute to the Fund’s revenue...............................................Full Article: Source
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