President of Azerbaijan Ilham Aliyev has approved the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2017.

The Presidential Decree approves SOFAZ revenues for 2017 at 8,370,589,800 manats and expenditures at 14,483,856,000 manats.

In the SOFAZ incomes, revenues from the sale of profitable oil and gas are forecast at 7,550,705,300 manats, acre payments are forecast at 3.465 million manats, income from oil and gas transit through the territory of Azerbaijan is expected to amount to 16.83 million manats.

In addition, revenues of the Fund from the placement and management of assets are forecast at 799,094,600 manats. Bonuses paid by investors within oil and gas agreements, or in connection with their implementation are forecast at 495,000 manats.

Costs of the Fund management are approved at 32.572 million manats.

In accordance with the budget of expenditures on the management of the State Oil Fund in 2017, labor payment will amount to 6,872,008 manats, the costs for procurement of goods and services will amount to 5,004,640 manats, expenditures for grants and other payments will stand at 674,460 manats.

Expenditures for pensions and social benefits are provided in the amount of 80,000 manats, costs for the purchase of non-financial assets are envisaged at 6,126,100 manats, and 13,814,792 manats will account for other expenses.