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PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of January 19, 2015 No. 443

About the budget of the State oil fund of the Azerbaijan Republic for 2015

Being guided by Item 32 of article 109 of the Constitution of the Azerbaijan Republic, for the purpose of forming of the budget of the State oil fund of the Azerbaijan Republic for 2015 and ensuring effective management of currency fund I decide:

1. Approve budget receipts of the State oil fund of the Azerbaijan Republic for 2015 in the amount of 10 246 611, 9 thousand manats, expenses - in the amount of 11 813 909, 2 thousand manats.

2. Determine that budget receipts of the State oil fund of the Azerbaijan Republic for 2015 are created due to the following receipts:

Sources of the income

Amount of the income 
(one thousand manats)

2.1.

The net incomes gained from realization of the hydrocarbons falling to the share of the Azerbaijan Republic (less transport costs of hydrocarbons, expenses on bank, customs clearance, independent control (surveyor), marketing and insurance, and also except for the income falling on investments or equity of the State Oil Company of Azerbaijan Republic in projects in which it is investor, the unitholder or the partner)

9 741 175,6

2.2.

The Poakrovy payments paid by investors for use of contract area in connection with development of hydrocarbonic resources

1 568,4

2.3.

Income from oil transportation and gas on the territory of the Azerbaijan Republic

9 410,4

2.4.

Income from placement of currency assets of the State oil fund and management of them

494 357,5

2.5.

Other income and receipts according to the legislation

100,0


Total

10 246 611,9

3. Determine that expenses of the budget of the State oil fund of the Azerbaijan Republic for 2015 go to the following purposes:

Directions of expenses

Expense amount (one thousand manats)

3.1.

Financing of some measures connected with social questions and questions of accommodation of refugees and displaced persons

150 000,0

3.2.

Transfer in the government budget of the Azerbaijan Republic for 2015

10 388 000,0

3.3.

Financing of the project of reconstruction of Samur-Absheronsky irrigating system

90 000,0

3.4.

Financing of the project of the new railroad of Baku-Tbilisi-Kars

111 487,0

3.5.

Financing of the State program on training of the Azerbaijani youth in foreign countries in 2007-2015

44 088,0

3.6.

Financing of share of the Azerbaijan Republic in the project of "The southern gas corridor"

997 016, 2

3.7.

The expenses connected with management of the State oil fund of the Azerbaijan Republic

33 318,0


Total

11 813 909,2

4. Approve "The main directions (program) of use of means of the State oil fund of the Azerbaijan Republic in 2015" it (is applied).

5. Approve "Expense budget on management of the State oil fund of the Azerbaijan Republic in 2015" it (is applied).

President of the Azerbaijan Republic

Ilham Aliyev

Appendix 1

Approved by the Presidential decree of the Azerbaijan Republic of January 19, 2015 No. 443

The main directions (program) of use of means of the State oil fund of the Azerbaijan Republic in 2015

1. Directions of expenses of means of the State oil fund of the Azerbaijan Republic

1.1. Financing of some measures connected with social questions and questions of accommodation of refugees and displaced persons;

1.2. Transfer in the government budget of the Azerbaijan Republic for 2015;

1.3. Financing of the project of reconstruction of Samur-Absheronsky irrigating system;

1.4. Financing of the project of the new railroad of Baku-Tbilisi-Kars;

1.5. Financing of the State program on training of the Azerbaijani youth in foreign countries in 2007-2015;

1.6. Financing of share of the Azerbaijan Republic in projects of "The southern gas corridor".

2. Investment policy of the State oil fund of the Azerbaijan Republic

2.1. Purpose of investment policy of the State oil fund of the Azerbaijan Republic

In 2015 the Oil fund will perform the investment policy allowing to reach the maximum profitability on condition of low risk of loss of fixed capital.

2.2. Investment portfolio of the State oil fund of the Azerbaijan Republic

2.2.1. The predicted amount of investment portfolio

The predicted aggregate value (the weighted average amount) of investment portfolio of the Oil fund by 2015 undertakes equal 28, 2 billion to manats. Aggregate value of investment portfolio is established on the basis of monthly revaluation of the assets expressed in foreign currency which remained after deduction of the means converted and transferred into manatny accounts for maintaining the expenses approved in the budget of the Oil fund.

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