From: Justin Burke (JBurke@sorosny.org)
Date: Mon Feb 10 2003 - 09:32:20 EST
Azeri leader signs decree on amendments to Oil Fund law
Text of report by Azerbaijani TV station ANS on 7 February
President Heydar Aliyev today signed a decree on amendments to a number
of laws which regulate the activities of the State Oil Fund of the
Azerbaijani Republic [SOFAR].
The decree significantly expands the sources of the Oil Fund's revenues.
For instance, among the sources of the fund's additional revenues, the
decree mentions profits from the sale of oil produced by SOCAR [State
Oil Company of the Azerbaijani Republic], from contracts with foreign
companies, Azerbaijan's dividends from oil and gas projects and
production sharing agreements.
It must be noted that amendments to the laws which regulate SOFAR's
activities are one of the major requirements of the International
Monetary Fund. As the talks with the IMF on the Oil Fund yielded no
results during the first stage, the IMF suspended a credit tranche
earmarked for Azerbaijan.
Source: ANS TV, Baku, in Russian 1500 gmt 7 Feb 03
BBC Mon TCU 070203 ek/sa
|
