Azerbaijan, Baku, Feb. 8 / Trend E. Ismayilov /
Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-December, 2011 reached 15 628.3 billion manat, while budget expenditures constituted 9 606.6 bln. Manat, SOFAZ said today.
Revenue of 15 451.9 bln. manat was received from implementation of oil and gas agreements, including 15 257.5 bln. manat from the sale of profit oil and gas, 101.7 mln. manat from difference in price from the phase I of Shah Deniz, 66.8 mln. manats from Azerbaijan's State participation share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline, 7.5 mln. manat as transit payments, 1.3 mln. manat as acreage payments, 15.7 mln. manat as bonus payments and 1.4 mln. manat from sale of assets received from foreign companies.
The revenues from managing assets of the Fund for the reporting period amounted to 176.4 mln. manat.
As per 2011 budget of the Fund, 9 bln. manats were transferred to the state budget.
The expenditures in the amount of 140.0 mln. manats were directed to financing of settlement of the problems of refugees and internally displaced persons, 200.0 mln. manats and 32.6 mln. manats were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing construction of the Oghuz-Gabala-Baku water supply system, 15.0 mln. manats to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015" and 161.9 mln. manats were directed to financing Baku-Tbilisi-Kars railway. The Fund's administrative and operational expenses in this period were 57.1 mln. manats.
The Fund's extra-budgetary expenditures related to the revaluation of foreign exchange totaled 749.8 million manats.
The assets of SOFAZ as at January 1, 2012 has grown by 30.9 % compared to the beginning of 2011 ($22 766.8 bln.) and stood at USD 29 800.0 bln.
The State Oil Fund was established in 1999. SOFAZ key priorities are the accumulation of assets and placement of assets in abroad with the aim of minimization of negative impact on the economy; prevention, to extent, of the Dutch Disease; the provision of accumulation of assets for the next generations; and the provision of financial support to the existing socioeconomic processes in the country.