According to information provided by the State Oil Fund of Azerbaijan (SOFAZ), the revenue of the Fund from the period between January to December 2006 amounted to AZN 985,9 mln ($1 165,6 mln) and expenditures вЂ" AZN 981,3 mln ($1 105,4 mln.), Trend reports.
SOFAZ's Executive Director, Shahmar Movsumov, stated at a conference on January 30th dedicated to results of 2006 and plans for 2007 that a large part of the income of the Fund was obtained from the sale of oil. Revenue from the implementation of oil contracts totaled AZN 930 mln, sale of revenue oil вЂ" AZN 896,3 mln, payments for transporting oil via the territory of Azerbaijan through Baku-Supsa pipeline вЂ" AZN 12,7 mln, per acre payments - AZN 7,6 mln and bonuses вЂ" AZN 1,8 mln. .
Last year, revenue from assets in foreign investments amounted to AZN 0,6 mln. AZN 41,3 mln was received from the management of the finances of SOFAZ. For the reported period, the difference between the contract price of oil and the wholesale price within the country amounted AZN 11 mln. Revenue from the management of finances of SOFAZ equaled AZN 55,9 mln.
SOFAZ has allocated AZN 110 for the improvement of social conditions of refugees and internally displaced persons, AZN 75,4 mln to finance the share of Azerbaijan in BTC and transfers to the state budget amounted to AZN 585 mln. For the reported period, the Fund began financing two large-scale projects вЂ" Construction of the water pipe from Oguz-Gabala zone to Baku city and Reconstruction of Samur-Absheron irrigation system (AZN 82,7 mln).
Expenditures on management of the Fund amounted to AZN 1,2 mln and on forming the authorized capital of Azerbaijan Investment Company вЂ" AZN 90 mln.
For the reported period, the off-budget expenditures of the Fund amounted to AZN 17,6 mln, including expenditures on reassessment of the Fund's assets вЂ" AZN 17,5 mln and other expenditures вЂ" AZN 0,1 mln. As at January 1st 2007 the assets of the Fund decreased by 1,1% from the beginning of 2006 and amounted to AZN 1 267,4 mln. (nearly $1 454,5 mln).