SOFAZ assets rise by 33% in 2009
Azerbaijan, Baku, Jan. 26 / corr Trend E.Ismayilov /
Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January to December, 2009 reached 8.176.7 billion manats, while budget expenditures constituted 5.294.5 billion manat, Executive Director Shahmar Movsumov told a news conference dedicated to results of SOFAZ activities in 2009.
2009 budget revenues and expenditures of the Fund were executed accordingly 97.8 percent and 99.5 percent.
Revenue of 7.870.8 billion manat was received from implementation of oil and gas agreements, including 7.702.6 billion manat from the sale of profit oil and gas, 156.8 million manat from Azerbaijan's State participation share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline, 8.9 million manat as transit payments, 1.1 million manat as acreage payments, 0.8 million manat as bonus payments and 0.6 million manat from sale of assets received from foreign companies.
The revenues from managing assets of the Fund for the reporting period amounted to 305.9 million manat.
The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 97.6 million manat.
As per 2009 budget of the Fund, 4.915.0 billion manat were transferred to the state budget. The expenditures in the amount of 89.9 million manat were directed to financing of improvement of social condition of refugees and internally displaced persons, 130.0 million manat and 120.0 million manat were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing construction of the Oghuz-Gabala-Baku water supply system. 22.1 million manat were directed to financing Baku-Tbilisi-Kars railway and 7.9 million manat to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". The Fund's administrative and operational expenses in this period were 9.6 million manat.
The assets of SOFAZ as at January 1, 2010 has grown by 32.8 % compared to the beginning of 2009 (USD 11 219.2 mln.) and stood at 11.966.5 billion manat (USD 14.900.4 billion).
Current exchange rate for Jan. 26 was 0.8034 AZN/USD.