President Ilham Aliyev endorses 2011 budget of State Oil Fund

President of Azerbaijan Ilham Aliyev has signed an order to endorse the 2011 budget of the State Oil Fund of the Azerbaijan Republic (SOF).

Under the order, SOF`s revenues will be AZN 9,132,941,000 and expenditures 6,886,155,400.

SOF`s revenue of 8,349,564,100 manats will come from the sale of profit oil and gas, 340, 252, 800 manats from assets management, 283,249,200 manats from price difference on Shahdeniz-1 phase gas agreements and 148, 024, 400 manats from state share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline.

SOF`s expenditures include transfer of 6,480,000,000 manats to the State budget. The outlays in the amount of 110,000,000 manats will be directed to financing of improvement of social condition of refugees and internally displaced persons, 110 mln. manats to reconstruction of the Samur-Absheron irrigation system and 80,215,100 manats to the Baku-Tbilisi-Kars railway and other projects.


/AzerTAc/