EnglishRazi Nurullayev

Invitation to Event, Expenditures from the Oil Fund of Azerbaijan, 24 November, at 12.00 in Baku

Coordination Council of Pro-democracy Oppositional Public Chamber of Azerbaijan

Pro-democracy Oppositional Public Chamber of Azerbaijan is organizing a public discussion on “Expenditures from the Oil Fund of Azerbaijan: Public Control on Fund’s Expenditures”.

Please, note that the assets of SOFAZ as at October 1, 2011 has grown by 41.6 % compared to the beginning of 2011 (USD 22 766.8 mln.) and stood at USD 32 billion 242.5 mln.

The Public Chamber claims that Oil Fund is not socially beneficial for the whole population and its revenues are not effectively used to lift economy’s dependence on sole oil, thus leaving non-oil sector behind the development.

The public debate will take place in Musavat Party’s headquarter on 24-th November at 12.00 o’clock.

Venue address: Baku, Darnagul qesebesi, 3097 mehelle; it is in 7-th Microdistrict, (near to Bolluq bazari, it also can be reached by subway – Azadlig prospekti. From this subway is is 100 m. to Musavat headquarter).

Please, let me know your participation to reserve a seat.

Additional info to read:

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2011 reached 11 831.4 million manats, while budget expenditures constituted 4 366.7 mln. manats.

Revenue of 11 668.4 mln. manats for the period of January-September, 2011 was received from implementation of oil and gas agreements, including 11 476.3 mln. manats from the sale of profit oil and gas, 101.7 mln. manats from difference in price from the phase I of Shah Deniz, 66.8 mln. manats from dividends on Azerbaijan’s State participation share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline, 5.5 mln. manats as transit payments,  1.2 mln. manats as acreage payments, 15.7 mln. manats as bonus payments  and 1.2 mln. manats from sale of assets received from foreign companies.

The revenues from managing assets of the Fund for the reporting period amounted to 162.9 mln. manats.

As per execution of 2011 Fund’s budget 4 021.0 mln. manats were transferred to the state budget. The expenditures in the amount of 89.2 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 144.5  mln. manats and 10.5 mln. manats were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing the construction of the Oghuz-Gabala-Baku water supply system. 5.9 mln. manats were directed to financing “The state program on the education of Azerbaijan youth abroad in the years 2007-2015”. 85.5 mln. manats were directed to financing Baku-Tbilisi-Kars railway. The Fund’s administrative and operational expenses for current period were 10.1 mln. manats.

The Fund’s extra-budgetary expenditures related to the revaluation of foreign exchange totalled 258.8 million manats.

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