Ernst & Young Holdings Finalises SOFAR Audit
Azerbaijan, Baku / corr Trend I.Khalilova / The State oil Fund of Azebaijan (SOFAR) has publicized an audit report developed by the international audit company Ernst
According to the report, as of 31 December 2006, SOFAR's total assets have comprised AZN 1,284,780,000 against AZN 1,284,932,000 in 2005. SOFAR's net assets were confirmed to the amount of AZN 1,284,269,000 against AZN 1,284,614,000 in 2005.
The SOCAR has carried out capital investments in the amount of AZN 1,221,175 against AZN 1,258,364,000 in 2005. Operation expenses of the SOFAR rose as compared to 2005 and constituted AZN 55,953,000 in 2006. However, the auditor confirmed net incomes in the amount of AZN 36,844,000, while in 2005 the loss was AZN 61,755,000.
A total of AZN 585mln was remitted to the 2006 public budget, AZN 75,409mln to AzBTC Limited, AZN 110,032mln to IDP's social Development Fund and the State Committee on Refugee Affairs, AZN 82,749mln for construction of the Oguz-Gabala-Baku pipeline, AZN 37mln for the reconstruction of the Samur-Absheron irrigation system, AZN 90mln for the formation of the capital of the Azerbaijan Investment Company.