ARDNF - Azərbaycan Respublikası Dövlət Neft Fondu - The Decree of the President of the Republic of Azerbaijan on the Approval of the Budget of the State Oil Fund of the Republic of Azerbaijan for 2008 (26/12/2007)

The Decree of the President of the Republic of Azerbaijan on the Approval of the Budget of the State Oil Fund of the Republic of Azerbaijan for 2008 (26/12/2007)

In accordance with the "Regulations on the State Oil Fund of the Republic of Azerbaijan" approved by Decree No. 434, dated December 29, 2000, of the President of the Republic of Azerbaijan, and the "Rules on the preparation and execution of the annual program of revenues and expenditures (budget) of the State Oil Fund of the Republic of Azerbaijan" approved by Decree No. 579, dated September 12, 2001, of the President of the Republic of Azerbaijan, it is hereby decreed:

1. To approve the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2008 including 3 609 361,0 thousand manats in revenues and 1 680 853,6 thousand manats in expenditures

2. To define that the incomes of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2008 are established out of the following revenues:

No.	Sources of income	Amount (in thousand manats)
1.	Proceeds from sales of the Republic of Azerbaijan's share of hydrocarbons (exclusive of hydrocarbons' transportation costs, banking expenses, customs costs, independent surveyor, marketing and insurance costs, and also exclusive of the revenues from the SOCAR's share in the projects of which it is an investor, shareholder or partner)	3 473 109,6
2.	Dividends from realizing of oil and gas projects (from BTC)	13 423,2
3.	Revenues from management of SOFAZ's assets	121 928,2
4.	Other revenues	900,0
	Total	3 609 361,0

3. To define that the expenditures of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2008 are assigned to the following purposes:

No.	Directions of expenditures	Amount (in thousand manats)
1.	The expenditures for financing some projects concerning solution of the social and settlement problems of the refugees and internally displaced persons	145 000,0
2.	Transfer to 2008 State Budget of the Republic of Azerbaijan	1 100 000,0
3.	Financing of the project of construction of the water pipeline from Oghuz-Gabala region to Baku	211 820,0
4.	Financing the reconstruction of the Samur-Absheron irrigation system	120 600,0
5.	Financing "Baku-Tbilisi-Kars railway" project	88 682,0
6.	Financing "State Programme on education of Azerbaijan youth in foreign countries in 2007-2015"	5 000,0
7.	Oil Fund's operating expenditures	9 751,6
	Total	1 680 853,6

4. The Executive director of the State Oil Fund of the Republic of Azerbaijan shall be assigned to resolve issues arising from this Decree.

5. This Decree shall come into effect from the day it is published.

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku, December 26, 2007