Ilham Aliyev approves changes to State Oil Fund's budget for 2024

President Ilham Aliyev on 8 July amended the Decree "On the State Oil Fund's Budget for 2024" dated 27 December 2023.

According to the new decree signed by the head of state, the forecast of the Fund's budget revenues was raised by AZN 2,036 million or 16.9% to AZN 14,109.2 million, while the forecast of budget expenditures was raised by AZN 4.7 million or slightly rose to AZN 12,904.9 million.

The growth in revenues by AZN 2,051.4 million or 25.2% of the forecast on net profit from the sale of hydrocarbons attributable to the share of Azerbaijan from AZN 8,146.2 million to AZN 10,197.6 million, from AZN 8.6 million to AZN 10,197.6 million, and from AZN 8.6 million to AZN 1.1% of the forecast on budget expenditures paid by investors in connection with the signing or execution of oil and gas agreements from AZN 767.3 million to AZN 775.9 million, as well as a decrease in the forecast on revenues from oil and gas transportation through the country by AZN 24 million or 142 times from AZN 24.2 million to AZN 0.2 million.

Note that the growth in expenditures will be achieved by raising the forecast of expenditures aimed at financing the "State Program AZN 33.5 million to AZN 38.2 million.