SOFAZ names reasons for failing to fulfill 2010 expenditures

Oil&Gas Materials 28 January 2011 15:35 (UTC +04:00)

Azerbaijan, Baku, Jan. 28 / Trend E.Ismayilov /

The State Oil Fund of the Azerbaijan Republic (SOFAZ) executed the expenditure section of its 2010 budget by 99.4 percent due to significant savings, SOFAZ Executive Director Shahmar Movsumov said at a press conference on the results of 2010.

"The big savings are linked with the construction of a new administrative building fund, which came along more slowly than expected," Movsumov said.

On the other hand, he added, the shortfalls in the expenditure plan are also associated with the disbursement of funds designed for the construction of the Baku-Tbilisi-Kars Railway, at only by 36 percent. The fund allocated 12.4 million manat for the construction of the Georgian section of the Baku-Tbilisi-Kars Railway compared to the stipulated 80 million manat.

The fund's total expenditures in 2010 amounted to 6.386 billion manat with revenues of 13.088 billion manat.

The assets of SOFAZ as of Jan.1, 2011 had grown by 52.8 percentcompared to early 2010 to $22.766 billion.

The fund was established in 1999.