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SOFAR assets increase 52.8 percent in 2010

Oil&Gas Materials 27 January 2011 16:59
Revenues of the State Oil Fund of Azerbaijan (SOFAR) in 2010 amounted to 13088.5 million manat and expenditures - 6386.5 million manat, SOFAR executive director Shahmar Movsumov said to a press conference on the results of the Fund's activities last year.
SOFAR assets increase 52.8 percent in 2010

Azerbaijan, Baku, Jan. 27 /Trend, E.Ismayilov/

Revenues of the State Oil Fund of Azerbaijan (SOFAR) in 2010 amounted to 13088.5 million manat and expenditures - 6386.5 million manat, SOFAR executive director Shahmar Movsumov said to a press conference on the results of the Fund's activities last year.

According to him, revenue part of SOFAR budget was implemented at 144.9 percent, and expenditure - 99.4 percent.
Most of Fund's incomes came from the sale of profit oil and gas. Incomes from oil contracts totaled 12 932.6 million manat, including the sale of profit oil and gas - 12 761.1 million manat, transit payments - 8.3 million manat. Dividends accounted for the country from the realization of oil and gas projects (Baku-Tbilisi-Ceyhan pipeline) last year amounted to 158.7 million manat. Per acre payments of investors in 2010 amounted to 1.2 million manat.

During the reported period, incomes from assets transferred to foreign investors amounted to 1.7 million manat. Bonus payments last year were made at 1.6 million manat last year. The incomes from the management of the Fund's resources totaled 155.9 million manat.

The expenditure of SOFAR included: 104.9 million manat for the improvement of welfare of refugees and internally displaced persons, 131 million manat for Samur-Absheron irrigation system reconstruction project, 199.6 million manat for constructing water pipeline from the Oguz-Gabala region to Baku. Transfers to the Public budget amounted to 5.915 billion manat. About 9.6 million manat has been spent on the training of Azerbaijani students abroad as part of the state program for 2007-2015. Also, 12.4 million manat was spent on financing construction of Baku-Tbilisi-Kars new railway.

Administrative costs of the Fund amounted to 14 million manat. Fund expenses on the difference of the exchange rate amounted to 502.7 million manat.

According to Movsumov, as of Jan. 1, 2011, SOFAR assets increased 52.8 percent compared with the beginning of last year ($14 900.4 million) and amounted to $22 766.8 million.

State Oil Fund was established in 1999 with assets amounting to $271 million.

Under the charter of SOFAR, the funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as to address important national problems. In 2001-2009, special attention was paid to development of both the oil sector and infrastructure areas and non-oil sector. At present, the Fund finances a number of important projects in the field of irrigation and transport.

The official rate on Jan. 27 was 0.7974 AZN/USD

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