Azerbaijan, Baku, 25 January / Trend corr I. Khalilova / The incomes of the State Oil Fund of Azerbaijan Republic (SOFAR) totalled AZN 1.872bln in 2007, and expenses - AZN 1.061bln.
The profit part in the SOFAR budget made up 120.3%, expenditures - 95.1%, the Executive Director of SOFAR Shahmar Movsumov said at a press conference on 25 January.
Most part of SOFAR's incomes (over 90%) in 2007 was received from sale of profit oil. The incomes received from oil projects constituted AZN 1.8bln: AZN 1.675bln from sale of profit oil, AZN 5.6mln from per acre payments, AZN 58.1mln from bonuses, AZN 1.3mln from passing assets to foreign investors.
According to Movsumov, profitability from SOFAR's funds management increased by 31% in 2007 making up AZN 72.3mln. The off-budget incomes made up AZN 13.9mln.
SOFAR allocated AZN 154.1mln in 2007 for the arrangements on improvement of the social state of refugees and internally displaced persons. SOFAR financed the projects on reconstruction of the Samur-Absheron irrigation system (AZN 76.9mln) and laying of a water pipeline connecting the Oguz-Gagbala region with Baku (AZN 132.9mln). AZN 20.7mln was allocated for construction of Baku-Tbilisi-Kars railway, AZN 87.6mln for Azeri-Chirag-Gunashli project. SOFAR's management expenditures comprised AZN 4mln.
By 1 January 2008, the assets of the Fund increased by 70% compared to the beginning of 2007 and totalled $2.475bln.
"2007 was successful for SOFAR, and that is proved by receiving $1mln of not expected incomes. For the first time, the assets of the Fund exceeded $2bln," Movsumov said.