SOFAR summarizes activities in Jan-Sep

In January to September of 2005 profits of the State Oil Fund of Azerbaijan (SOFAR) have made up 2,210,2bn manats, while expenses totaled вЂ" 667.6bn manats, the SOFAR announced.

Over the first 9 months of 2005 the incomes of the SOFAR linked with the implementation of oil agreements, comprised 1,787,8bn manats, including 1716.8bn manats obtained from sale of profit oil, 60.2bn manats - from transit fees for oil transportation via the Baku-Supsa export oil pipeline, 6.2bn manats - from per acre payments.

Profits from the assets handed by foreign investors totaled 7.3bn manats. The SOFAR also received the funds of the Stabilization Fund, which were earlier managed by the Finances Ministry. Over 9 months the SOFAR obtained 98.6bn manats in profits from the management of its funds.

Over 9 months of 2005 a total of 162bn manats was spent on financing the vents linked with the settlement and improvement of the social welfare of the refugee and IDP families, 45.9bn manats was directed at financing Azerbaijan’s share in the Baku-Tbilisi-Ceyhan main export pipeline construction project, 455bn manats transferred to the public budget. In this period the SOFAR has spent 4.7bn manats.

In this period the non-budgetary expenses and payments made up 423.1bn manats, including the expenses linked with the re-estimation of the currency assets вЂ" 405.7bn manats. The public budget remittances in taxes comprised 17.4bn manats. As result of 9 months the assets of the SOFAR totaled 5,846bn manats, or $1,273.

Since 7 November 2005 the National Bank of Azerbaijan set official rates of manat as 4598 manats per US dollar.

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