Aliyev endorses oil fund budget
BAKU – Revenues of the State Oil Fund, the body that holds Azerbaijan’s proceeds from crude exports, will amount to over 9.1 billion manats ($11.375 billion) in 2011, while expenses stand at almost 6.9bn manats ($8.6bn), according to the Fund’s budget approved by President Ilham Aliyev on Tuesday.
Most of the oil fund’s revenues - over 8.3bn manats ($10.375bn) - will come from the sale of profit oil and gas. $425m will be made from asset management; around $353.7m from price difference on gas agreements under Phase 1 of developing the Shahdaniz gas field; and $185m from the state share in the Baku-Tbilisi-Ceyhan (BTC) main export pipeline.
The Fund’s expenditures include transfer of 6.48bn manats ($8.1bn) to the state budget. $137m will be directed to the improvement of social conditions of refugees and internally displaced persons, the same amount to reconstruction of the Samur-Absheron irrigation system and around $100m to the Baku-Tbilisi-Kars railway and other projects.
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