SOFAZ Assets Rise by 35%

Oil&Gas Materials 18 April 2008 18:41 (UTC +04:00)

Azerbaijan, Baku, 18 April / corr. Trend I. Khalilova/ As a result of the first quarter of 2008, the income of State Oil Fund of Azerbaijan (SOFAZ) totaled AZN1.116.400.000 and expenditures - AZN438.4mln, Shahmar Movsumov, the executive director of SOFAZ said during the press conference on 17 April.

The majority of fund's payments (96.7%) accounts for the sale of oil. The income from the realization of oil contracts totaled AZN1.094bln, AZN1.079bln - from the sale of oil, AZN0.8mln - per acre payments, AZN14mln from dividends from BTC project and AZN0.04mln from the assets at the diposal of foreign investor.

According to Movsumov, the yield from the management of fund's resources totaled AZN22.4mln and off-budget income from the re-evaluated currency assets -AZN20.2mln.

A total of AZN7.3mln has been allocated for the plans to improve social conditions of the refugees and IDPs. Some AZN11.4mln has been allocated for the reconstruction of Samur-Absheron irrigation system and AZN29mln for the construction of water pipe from Oguz-Gabala zone to Baku. Fund transferred AZN390mln to the state budget.

The administrative and operational expenditures on management of Fund totaled AZN0.7mln. The Fund also paid profit tax of AZN15mln.

As of 1 April 2008, the assets of SOFAZ totaled $3.335.800mln with a rise of 34.8% as compared to the beginning of the year.

"The first quarter brought lot of success for the Fund and additional income of $860mln against $1bln during the whole of 2007 can prove it," Movsumov said.

The correspondent can be contacted at: [email protected]