Azerbaijan, Baku, November 4 / Trend I. Khalilova /
The Azerbaijani State Oil Fund's (SOFAZ) revenues hit $27 billion after 10 years of activity, Executive Director Shahmar Movsumov said while discussing the 2010 state budget draft at a inter-parliamentary committee meeting.
He said SOFAZ assets are expected to hit $14 billion by late 2009.
"According to our calculations, we plan to receive $6.7 billion from exporting oil extracted in the Azeri-Chirag-Guneshli block of fields and $200 million from exporting gas from the Shah Deniz field," Movsumov said.
revenue received from the governance of SOFAZ funds is predicted to hit $300 million.
SOFAZ will continue to finance significant infrastructural and social projects in Azerbaijan. About 509 million manat is planned for spending in 2010, Finance Minister Samir Sharifov said.
These funds will be spent on the Samur-Absheron irrigation system reconstruction projects and the construction of a water pipeline from the Oguz-Gabala zone to Baku, the construction of a new Baku-Tbilisi-Kars railway, the training of Azerbaijani students studying abroad, actions to improve the welfare of refugees and IDPs, and the development of alternative energy sources.
Transfers to the 2010 state budget are expected to hit 4.915 bilion manat.
SOFAZ assets increased 19.24 percent as of Oct. 1 compared to early 2009 and hit 10. 7 billion manat ($13.3 billion).
On Nov. 3, the official exchange rate was 0.8033 manat to $1.
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