Azerbaijan, Baku / corr Trend I.Khalilova / The Observation Board of the State Oil Fund of Azerbaijan (SOFAR) has submitted a project of amendments to the budget of the Fund for 2007 to the Administration of the Azerbaijani President, the Executive Director of SOFAR, Shahmar Movsumov, reported on 22 June. The amendments were considered at the regular meeting of the Board on 14 June, but will come into effect after approval by the President.
Despite an adjustment to the budget, the year is expected to be end with a surplus. Supplementary expenditures of the Fund are expected to be caused by financing the Georgian part of the Baku-Tbilisi-Kars railway. Some $200mln will be allocated from SOFAR for reconstruction of a part of the Marabda-Akhalkalaki railway and the railway to link Akhalkalaki with the Turkish border. AZN 50mln will be allotted from the Fund this year. Moreover, in accordance with a decree by the Azerbaijani President AZN 88.5mln ($102mln) will be allocated from the Fund to the State Oil Company of Azerbaijan Republic (SOCAR).
In fulfilment of the 2007 budget of SOFAR approved in December 2006, income is expected to make up AZN 1,555,700,000 and expenditure AZN 977.1mln. After adjustment to the budget the income remains unchanged.
The assets of SOFAR make up $1.8bln. They are expected to increase to $2bln by the end of the year.