President increases expenses of SOFAZ by 30%

Baku. 18 March. REPORT.AZ/ Azerbaijani President has signed a decree on amendments to the decree 'On 2016 budget of State Oil Fund of Azerbaijan Republic' No.719 dated December 29, 2015 of the President of the Republic of Azerbaijan.

Report informs, in accordance with the document, certain amendments made to the decree 'On 2016 budget of State Oil Fund of Azerbaijan Republic' No.719 dated December 29, 2015 of the President of the Republic of Azerbaijan (Collection of Legislation of the Republic of Azerbaijan 2015, No.12, Article 1473)

According to the amendments, 2016 revenues of the SOFAZ reduced by 31,78% or 2133089,5 AZN and made 4 578 474,6 AZN. By contrast, the fund's expenses increased 2487534,00 AZN or by 30,41% and reached to 10 668 933,7 AZN.