SOFAZ Expects Budget Surpluses in 2007: SOFAZ Head
Azerbaijan, Baku / corr. Trend I.Khalilova / The Executive Director of the State Oil Fund of Azerbaijan (SOFAZ), Shahmar Movsumov, said that irrespective of amendments to the 2007 budget of SOFAZ, they expect surpluses at the end of 2007.
According to SOFAZ's budget confirmed in December 2006, its revenue was determined in the amount of AZN 1555.7 mln and expenditures - AZN 977.1 mln. After amendments to the fund's budget, this remained unchanged. Additional expenditure of SOFAZ is expected due to the financing of the Georgian section of Baku-Tbilisi-Kars railway project.
In addition, according to a Presidential decree, AZN 88.5 mln ($102 mln) will be transferred from SOFAZ to the State Oil Company of Azerbaijan (SOCAR) to regulate cooperation with SOCAR.
Currently SOFAZ's assets amount to $1.8 bln and are expected to increase to $2 bln.