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The President of Azerbaijan approved by its Decree No.52 dated December 26, 2003 execution of 2002 Oil Fund Budget.

 

The report on 2002 budget execution together with the comments of the Fund's Supervisory Board was submitted to the President by the Fund's Executive Director according to the Budget Rules of the Fund.

 

Revenues of the Fund constituted AZM 1,474,499 million against budgeted AZM 1,180.196 million, i.e. executed with AZM 294.3 million or 24,9 % surplus, expenditures of the Fund were executed in the amount of AZM 434,172 million or AZM 87,990 million or 16,8% less than budgeted expenditures of AZM 522,162 million.

 

Information about SOFAZ 2002 budget execution

The Oil Fund's actual revenues in 2002 were AZM 1,474,499.0 mil, 24.9% higher than the budgeted revenue AZM 1,180,196.0 mil.

 


 

The Oil Fund's actual expenditures in 2002 were 434,172.0 mil. or 16.8% below the Budgeted expenditures of AZM 522,162.2.0 mil. Expenditure details are presented in table below.

 


No Expenditure Item Budgeted Actual AZM mil
1 Expenses associated with the Presidential Decrees No.562 dated 22.08.01, No.577 dated 07.09.02, No.700 dated 13.05.02 219 000,0 188 839,0
2 Financing of the share of the Republic of Azerbaijan in the Baku-Tbilisi-Ceyhan Main Export Pipeline Project 300 000,0 242 299,0
3 Operating expenditures 3 162,2 3 034, 0
  Total 522 162,2 434 172,0

Comprise transit fees for transporting oil across the territory of the Republic of Azerbaijan by the Baku-Supsa oil pipeline.

No Revenue Source Budgeted Actual AZM mil
1 Proceeds from sales of the Republic of Azerbaijan's share of crude oil [less statutory payments] 717 800,0 975 882,0
2 Acreage fees 48 539,0 52 704,0
3 Rentals for use of state property leased out under contracts with foreign companies 2 328,0 2 329,0
4 Revenues from asset management 53 329,0 124 273,0
5 Bonus payments 300 000,0 257 630,0
6 Other income and revenues 58 200,0 61 681,0
  Total 1 180 196,0 1 474 499,0