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ECONOMY

Azerbaijani Oil Fund Assets At $810 Million July 1

01.07.2003 [22:13]
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The Azerbaijani state oil fund said Tuesday that it has accumulated $809.9 million in receipts from oil sales. "We had $760.2 million as of June 1," the fund's executive director, Samir Sharifov, told representatives of Azerbaijan's non-governmental organizations. " If you take into account the $48.6 million bonus we recently received from OAO Lukoil Holding , we now have $809.9 million worth of assets in reserve." Of this sum, $131.4 million have been allocated as expenses, and the other $ 678.5 million are invested. The fund's assets are allocated as follows: 33.6% are invested in money markets, 27.5% is in bonds, 1.8% is on deposit, 22.4% is to go to foreign money managers and 4.7% is in U.S. Treasurys. The fund held $270.9 million as of Jan. 4, 2001. Its revenue comes from profits from the sale of oil, oil transit, rents, bonuses and returns on equity. Its expenditure is allocated as follows: $50.5 million for refugee support, $ 127.8 for construction of BP PLC-led Baku-Tbilisi-Ceyhan pipeline, $1 million for management and $600,000 for profit tax. Sharifov said 69% of the fund's assets were in dollars and the rest in euros. About $50 million is managed by France's Societe Generale , $60.7 million is with Deutsche Bank AG and $41.5 is with Swiss bank Clarident.

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