Azerbaijan, Baku / corr Trend I.Khalilova / As 1 October 2007 The assets of the State Oil Fund of Azerbaijan (SOFAZ) grew by 45.5% comprised to the beginning of the year and stood at AZN 1.843.8mln (USD 2.166.5mln), Shamar Movsumov, the executive Director of the SOFAZ, said in a news conference on 1 November.
The revenues of the State Oil Fund of Azerbaijan for the period of January - September, 2007 reached AZN 1.333.6mln. Revenue of AZN 1.216.7mln was received from the implementation of oil and gas agreements, including AZN 1.216.7mln, from the sale of profit oil, AZN 0.8mln as acreage payments, AZN 39.4mln as bonus payments. During nine months, revenues from managing of oil fund expenses comprised AZN 51.5mln and revenues due to asset revaluation stood at AZN 2.8mln.
Expenses of the Fund from January to September 2007 comprised AZN 757.2mln. The expenditures in the amount of AZN 108.7mln, were directed at the improvement of social conditions of refugees and internally displaced persons. AZN 0.2mln were directed at financing the Baku-Tbilisi-Kars railway.