SOFAZ gets earnings from lucrative oil and gas of four projects in 2009

Oil&Gas Materials 12 March 2010 11:05 (UTC +04:00)

Azerbaijan, Baku, March 12 / Trend /

In 2009, about $9 billion 490.5 million of total income received by the State Oil Fund of Azerbaijan (SOFAZ) from the lucrative oil and gas, fall on 283 batches of lucrative oil from offshore fields Azeri-Chirag-Guneshli fields in the Azerbaijani sector of the Caspian Sea, the Azerbaijani Cabinet of Ministers said as of 2009. In 2009, the income received by SOFAZ from the sale of lucrative oil and gas amounted to $9 billion 584,6 million (7 billion 702.6 million manat).

The report said that about $12.4 million (19 batches) fall on lucrative oil and gas from Mishovdag-Kalameddin fields, "Kyursengi-Garabagly" - $1,1 million (two batches), and $80.6 million (12 batches) on gas, extracted from the sea-condensate field Shah Deniz.

SOFAZ's revenues in 2009 totaled 8 billion 274.3 million manat, and expenses - 5 billion 294.5 million manat. Revenues of the fund's budget was executed at 97.8 percent, and expenditures - 99.5 percent.

SOFAZ's income from bonuses hit 0.8 million manat, from dividends on the Baku-Tbilisi-Ceyhan oil pipeline - 156.8 million, from transit payments - 8.9 million manat.

During the reporting period, income from assets transferred by foreign investors amounted to 0.6 million manat.

The Fund's assets as of January 1, 2010 amounted to 11 966.5 million manat ($14 900.4 million) and increased by 32.8 percent compared to early 2009.

On March 11, the official exchange rate is 0.8034 manat to $1.