SOFAZ’s Assets Increased by Nearly 30% in First Half Year

Azerbaijan, Baku /corr. Trend I.Khalilova / Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January to June 2007 reached AZN 832.7mln, while budget expenditures constituted AZN 436.9mln, a SOFAZ source stated.

Revenues of AZN 802mln was received from implementation of oil and gas agreements, including AZN 748.7mln from the sale of profit oil, AZN 0.8mln as acreage payments, AZN 35.1mln as bonus payments, and AZN 0.9mln from the sale of assets received from foreign companies. SOFAZ received AZN 16.5mln as the price difference between the contract value and domestic wholesale price of exported oil.

The revenues from managing assets of the Fund for the reporting period amounted to AZN 30.7mln.

As per the 2007 budget of the Fund, the expenditures in the amount of AZN 73.9mln were directed towards financing for building housing and improvement of social conditions of refugees and internally displaced persons, AZN 19.4 mln and AZN 29.9 mln were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing the construction of the Oghuz-Gabala-Baku water supply system. AZN 224.5mln was transferred to the state budget and AZN 87.6mln was directed towards regulating issues on the State Oil Company's share in the projects on joint using of the Azeri, Chirag, and Guneshli oilfields. The Fund's administrative and operation expenses for the first six months of 2007 were AZN 1.6mln.

The Fund's extra-budgetary expenditures and payments between January and June 2007 came to AZN 16.5mln due to asset revaluation expenses.

As of 1 July 2007, SOFAZ's assets grew by 29.9 % compared to the beginning of the year and stood at AZN 1.647 bln. (USD 1.924 bln.).

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