ECONOMY
REVENUES OF THE STATE OIL FUND OF AZERBAIJAN FOR THE FIRST HALF OF 2003 AMOUNTED 1142.8, WHILE EXPENSES - 687.5 BILLION MANATS
For the last six months, the revenue of SOFAR from implementation of oil agreements amounted to 1008.3 billion manats, including from the sale of profitable oil – 364 billion manats, from acre payments – 58 billion manats, from transit payment in connection with the oil transportation on export pipeline Baku-Supsa through the territory of Azerbaijan – 25.9 billion manats, from bonus payments – 559.8 billion manats, from rent of state property 0.6 billion manats.
In respect of the main directions of expenditures, 62 billion manats were paid in January-June 2003 for the orders of State Committee of the Azerbaijan Republic on refugees and IDPs issues, in the frameworks of Presidential Decrees #562 of August 22, 2001, #577 of September 2001 and # 700 of May 13, 2002, as well as budget of the Oil Fund to 2003, financing of measures on settlement of refugees and IDPs, 483.6 billion manats were directed on financing the share of Azerbaijan BTC Co in the Baku-Tbilisi-Ceyhan MEP, while 140 billion manats transferred to the state budget for financing of investment and social projects.
The funds of SOFAR, amounting 3 trillion 387 billion manats (about USD692 million) on January 1, 2003, amounted 3 trillion 836 billion manats (about USD780 million) on July 1, 2003.