SOFAZ 2012 budget amended
The 2012 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was amended by the Decree of the President of Azerbaijan dated July 2, 2012.
According to the Decree, the revenue of the Fund from the sale of the Republic of Azerbaijan's share of hydrocarbons has increased to 13 388 644.0 thousand manats from the previously stated 10 365 432.0 thousand manats and an additional revenue item of 1 572.6 thousand manats, related to the bonuses paid by investors when signing and fulfilling oil and gas contracts has been included to the Fund's 2012 budget. The total revenue of SOFAZ budget for the year of 2012, therefore, has increased from 10 697 030.6 thousand manats to 13 721 815.2 thousand manats.
These changes were mainly due to the amendments to the 2012 state budget and higher than projected crude oil prices.