Baku / 05.10.17 / Turan: By the Decree of the Head of State Ilham Aliyev dated October 4 (https://goo.gl/P23yMh) some parameters of the budget of the State Oil Fund of the Republic of Azerbaijan for 2017 have been revised. The increase in revenues from the increase in crude oil prices is planned to be used to finance the construction of the Star oil refinery in Turkey.
The revenue part of the SOFAZ budget was raised from 8 billion 370.5 million manat to 10 billion 813.8 million manat. The Fund"s expenses were raised by 759.1 million manat, of which 744 million manat will be used to finance the share of Azerbaijan in the construction of the oil refinery in Turkey. An additional 15 million manat will be allocated to improve the living conditions of internally displaced persons.
Net income from the sale of Azerbaijan"s share in oil and gas projects will amount to 9 billion 826.2 million manat, 30.1% more than forecasted at the beginning of the year. SOFAZ expects to get $ 963.9 million from the management of the state-controlled funds, 165 million manat more than it was forecasted. A certain growth is expected for other items of the Fund"s income.
As of July 1, 2017 SOFAZ assets were 34 billion 70.9 million US dollars, 4.9% more than at the beginning of the year. --08D
Finance
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