State Oil Fund of Azerbaijan cuts off costs by 35% next year

Baku. 29 September. REPORT.AZ/ The forecasted revenues of the State Oil Fund of Azerbaijan (SOFAZ) in draft budget 2017 amounted to 8 370,6 million AZN, expenditures 6 951,3 million AZN.

Report informs, the draft law “On the state budget of 2017 says.

The fund's budget forecasted 4 889,1 million AZN or 2.4-fold more compared to this year. 7 550.7 mln AZN or 90.2% of the mentioned amount accounted for the revenues from sale of profit oil and gas.

SOFAZ budget expenditures to 2017 planned at 6 951,3 million AZN, which is less by 3 685,0 mln AZN or 34.6% compared to 2016.

6 100,0 mln AZN or 87.8% of the fund's expenditures will be directed to the transfer to the state budget, 822,0 mln AZN or 11.8% to the financing of a number of infrastructure projects (measures on the issues of social welfare and settlement of the refugees and IDPs, reconstruction of the Samur-Absheron irrigation system, Baku-Tbilisi-Kars new railway, Azerbaijan's participation share in the Southern Gas Corridor projects), 29,3 mln AZN or 0.4% to the financing of the State Programs on Education of Azerbaijani Youth Abroad (2007-2015).