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Friday, 06 October 2017 09:30

SOFAZ revenues increase

The revenues of SOFAZ have increased to 10 billion 813 million 861.6 thousand manats from the previously stated 8 billion 370 million 589.8 thousand manats, Caspian Energy News ( reports with reference to the press service of the President of the Republic of Azerbaijan.

The SOFAZ expenditures will increase to 15 billion 242 million 928 thousand manats from the previously stated 14 billion 483 million 856 thousand manats.

The SOFAZ revenues from the sale of the Republic of Azerbaijan's share of hydrocarbons will comprise 9 billion 826.212 million manats, up 30.1% compared with the previously stated figure.

The expenditure item related to financing the improvement of social condition of refugees has increased to 105 million manats.

At the same time the amendments envisage additional expenditure item of 744.072 million manats to finance the construction of the STAR oil refinery project in Turkey (not envisaged in the previously stated expenditures in the SOFAZ 2017 budget).

It bears reminding that SOFAZ was established in December 1999 to accumulate revenues from the implementation of international oil and gas contracts, in particular, from the sale of the state's profitable oil and gas, transit tariffs from transportation of oil and gas via the country.

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Person in charge of the newsline: Fidan Isayeva 

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