Azerbaijani President approves execution of 2010 budget of State Oil Fund

Photo: Azerbaijani President approves execution of 2010 budget of State Oil Fund / Oil&Gas

Azerbaijan, Baku, July 14 /Trend/

In accordance with decree on the execution of the 2010 budget of the State Oil Fund of Azerbaijan (SOFAZ), approved by the President of Azerbaijan Ilham Aliyev, its revenues amounted to 13.088.5 billion manat and expenses - 6.386.6 billion manat, the Azerbaijani President's official website reported.

Revenue of SOFAZ's budget was executed by 144.9 percent and expenditure by 99.4 percent

The greater part of the Fund's revenues, or 96.7 percent, was obtained from the sale of profit oil and gas. The income from implementation of oil contracts totaled 12.656.097.8 billion manat, transit payments - 8.302.5 million manat. The country's dividends from the realization of oil and gas projects (project on the construction of Baku-Tbilisi-Ceyhan pipeline) amounted to 158.660.9 million manat. Per acre payments by investors amounted to 1.201 million manat in 2010.

In this period, the income from assets transferred by foreign investors amounted to 1.7 million manat. Bonus payments last year totaled 1.601.6 million manat. A total of 155.906.1 million was received from the management of SOFAZ's funds.
Incomes from the difference in the cost of gas purchased within the first phase of development of Azerbaijani Shah Deniz gas condensate field amounted to 105.021.9 million manat. Other revenues and incomes of the Fund amounted to 1.751.6 million manat.

The expenditure of the Oil Fund on measures to improve the welfare of refugees and internally displaced persons totaled 104.947.7 million manat, on financing the Samur-Absheron irrigation system reconstruction project - 130.998.7 million manat, constructing a water pipeline from the Oguz-Gabala region to Baku - 199.617.7 million manat.

The transfers to the state budget amounted to 5.915 billion manat. A total of 9.605.3 million manat was spent on the education of the Azerbaijani students abroad under the State Program for 2007-2015. Also 12.420.3 million manat was spent on financing construction of the Baku-Tbilisi-Kars railway.

The expenses on managing the Fund amounted to 14.025.2 million manat.
SOFAZ's assets increased by 52.8 percent as of January 1, 2011, compared to the beginning of the last year ($14.900.4 billion), to $22.766.8 billion.
The State Oil Fund was established in 1999, and at that time, its assets amounted to $271 million.

Official exchange rate is 0.7865 AZN/USD on July 14.

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