STATE OIL FUND SUMMED UP RESULTS OF HALF YEAR WORK
Revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-June 2005 reached 1023 billion manats, while expenditures constituted 651,9 billion manats, the executive director of the SOFAZ Samir Sharifov told the news conference on 19 July, Trend reports.
According to him, for 6 months the fundвЂ™s revenues related to the implementation of oil agreements were 968,3 billion manats, including 915,2 billion manats from sale of the profit oil, 42,5 billion manats as transit fees for transportation of oil via Baku-Supsa export pipeline through the Azerbaijani territory, acreage payments - 6,2 billion manats. Revenues received from sale of assets to foreign investors were 4,4 billion manants. Revenues from the FundвЂ™s managing assets for 6 months were 54,7 billion manats.
Expenditures of the Fund in the amount of 97 billion manats were directed to finance building of housing and improvement of socio-economic conditions of refugees and internally displaced persons, 45,4 billion manats were used for financing the AzerbaijanвЂ™s share in the Baku-Tbilisi-Ceyhan (BTC) pipeline project, 250 billion manats have been transferred to the state budget.
The FundвЂ™s 6 month extra-budgetary expenditures for the reporting period were 256,9 billion manats, including asset revaluation expenses of 239,5 billion manats. The Fund paid out 17,3 billion manats as profit tax and 0,1 billion manats as other taxes.