The assets of SOFAZ as at June 30, 2006 grew by 10, 4% compared to the beginning of the year and stood at AZN 1 414, 2 mln. (approx. USD 1 579 mln.),Trend reports quoting Shakhmar Movsumov, executive director, State Oil Fund, speaking at todays press conference. The Funds assets were 1,2804bn manat (approx. $1,394bn) as of January 1, 2006.
Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2006 reached 449,4 million manats AZN, while budget expenditures constituted AZN 314, 4mln. Revenue of AZN 423, 7 mln. was received from implementation of oil and gas agreements, including AZN 414,3 mln. from the sale of profit oil and AZN 7,2 mln. as transit fees, AZN 0,9 mln. as bonus payments, AZN 1, 2 mln. as acreage payments and AZN 0,8 mln. from sale of assets received from foreign companies under oil agreements. The revenues from managing assets of the Fund for the reporting period amounted to AZN 25, 7 mln.
Expenditures of the Fund in the amount of AZN 32, 5 mln. were directed to finance, as per 2006 budget of the Fund, building of housing and improvement of socio-economic condition of refugees and internally displaced persons. AZN 54,4 mln. was utilized for the financing of AzBTC Co.s share in Heydar Aliyev Baku-Tbilisi-Ceyhan pipeline project and AZN 226 mln. was transferred to the State Budget. AZN 0, 6 mln. and AZN 0,5 mln. was accordingly used for financing construction of the Oghuz-Gabala-Baku water supply system and financing the reconstruction of the Samur-Absheron irrigation system. The Funds administrative and operation expenses in six months were AZN 0, 4 mln.
The Funds extra-budgetary expenditures and payments, including asset revaluation expenses were AZN 1,3 mln. in the first two quarters of 2006.