Azerbaijani President Ilham Aliyev has approved the budget of the
State Oil Fund of the Azerbaijani Republic (SOFAR) for 2011, AzerTag
reports.
SOFAR will have an income of 9.132 billion mantas and expenses of
6.886 billion mantas.
SOFAR will earn 8.349 billion mantas from oil sales, 148.024 million
mantas from realization of oil and gas projects (such as the
Baku-Tbilisi-Jeykhan pipeline), 498,500 manats from investments for
acres, 10.452 million mantas from oil and gas transit in Azerbaijan,
340.252 million mantas from asset income and 900,000 from other
sources. The company plans to earn 283.249 million mantas from the gas
condensate field Shakh Deniz.
SOFAR plans to spend 110 million mantas on improvement of social
conditions of forced migrants, 6.480 billion mantas on transfers to
the state budget in 2010, 33.446 million mantas on financing pipeline
construction at the Oguz-Gabalin zone in Baku, 110 million mantas on
reconstruction of the Samur-Absheron irrigation system, 80.215 million
mantas on construction of the Baku-Tbilisi-Kars pipeline and 15
million mantas on Azerbaijani youths studying abroad for the 2007-2015
programme.
57.494 million mantas will be spent on managing SOFAR.
The president approved new goals for SOFAR's finances in 2011 and
expenses on management of the fund next year.
The official currency rate for December 28 is 0.7982 AZN/USD.
