Assets of State Oil Fund of Azerbaijan increases 22 percent

Photo: Assets of State Oil Fund of Azerbaijan increases 22 percent / Oil&Gas

Azerbaijan, Baku, August 2 /Trend, E.Ismayilov/

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2010 reached 6 101.2 million manats, while budget expenditures constituted 2 630.2 mln. manats, SOFAZ reported on August 2.

Revenue of 6 089.3 mln. manats was received from implementation of oil and gas agreements, including 6 000.1 mln. manats from the sale of profit oil and gas, 83.2 mln. manats from State share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline, 4.3 mln. manats as transit payments, 0.9 mln. manats from sale of assets received from foreign companies and 0.8 mln. manats as acreage payments.

The revenues from managing assets of the Fund for the reporting period amounted to 11.9 mln. manats.

As per 2010 budget of the Fund, 2 455.0 mln. manats were transferred to the state budget. The expenditures in the amount of 34.0 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 74.8 mln. manats and 53.0 mln. manats were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing construction of the Oghuz-Gabala-Baku water supply system. 1.5 mln. manats were directed to financing Baku-Tbilisi-Kars railway and 2.8 mln. manats to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". The Fund's administrative and operational expenses in this period were 9.1 mln. manats.

The Fund's extra-budgetary expenditures related to the revaluation of foreign exchange totalled 869.1 million manats.

The assets of SOFAZ as at July 1, 2010 has grown by 21.6 % compared to the beginning of 2010 (USD 14 900.4 mln.) and stood at USD 18 122.3 mln.

Official rate on August 2 is 0.8034 AZN/USD.

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