SOFAZ`S EXECUTIVE DIRECTOR GIVES PRESS CONFERENCE ON RESULTS OF 2009

Baku, January 27 (AZERTAC). Shahmar Movsumov, Executive Director of Azerbaijan`s State Oil Fund (SOFAZ) gave a press-conference on January 26 dealt with results of 2009.

Budget revenues of the State Oil Fund reached 8 176.7 million manats, while budget expenditures constituted 5 294.5 mln manats.

Revenue of 7 870.8 mln manats was received from implementation of oil and gas agreements, including 7 702.6 mln manats from the sale of profit oil and gas, 8.9 mln manats as transit payments, 156.8 mln manats from state share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline, 1.1 mln manats as acreage payments, 0.8 million manats as bonus payments and 0.6 mln manats from sale of assets received from foreign companies.

The revenues from managing assets of the Fund for the reporting period amounted to 305.9 mln manats. The Fund`s extra-budgetary revenues related to the revaluation of foreign exchange totaled 97.6 million manats.

As per 2009 budget of the Fund, 4 915.0 mln manats were transferred to the state budget. The expenditures in the amount of 89.9 mln manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 130 mln manats and 120 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. 22.1 mln manats were directed to financing Baku-Tbilisi-Kars railway and 7.9 mln manats to financing “The state program on the education of Azerbaijan youth abroad in the years 2007-2015”.

The assets of SOFAZ as of January 1, 2010 have grown by 32.8 % compared to the beginning of the year and stood at 11 966.5 mln manats (USD 14 900.4 mln.).