SOFAZ EXECUTIVE DIRECTOR GIVES PRESS CONFERENCE
Baku, January 28 (AZERTAC). Shahmar Movsumov, Executive Director of Azerbaijan`s State Oil Fund gave a press-conference on January 28 dealt with results of 2008.
Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-December, 2008 reached 11 864,7 million manats, while budget expenditures constituted 4 291,8 mln manats. 2008 budget revenues and expenditures of the Fund were executed accordingly 117% and 98%.
Revenue of 11 633,5 mln manats was received from implementation of oil and gas agreements, including 11 527,0 mln manats from the sale of profit oil, 3,6 mln manats as acreage payments, 2,8 million manats as bonus payments, 0,2 mln manats as transit payments, 97,2 mln manats from Azerbaijan`s State participation share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline and 2,7 mln from sale of assets received from foreign companies.
The revenues from managing assets of the Fund for the reporting period amounted to 231,2 mln manats.
As per 2008 budget of the Fund, the expenditures in the amount of 145,0 mln manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 120,6 mln manats and 211,8 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. 5,3 mln manats were directed to financing Baku-Tbilisi-Kars railway and 2,3 mln manats to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". 3 800,0 mln manats were transferred to the state budget. The Fund`s administrative and operational expenses in this period were 6,8 mln manats.
The Fund paid profit tax and other taxes of 26,0 mln manats. The Fund`s extra-budgetary expenditure due to asset revaluation stood at 652,6 mln manats.
Basket of currencies weighted return on the Fund`s assets in 2008 constituted 3.79%.
The assets of SOFAZ as at January 1, 2009 has grown by 4,3 times compared to the beginning of the year and stood at 8 986,7 mln manats (USD 11 219,2 mln.).
WB`s Treasury Director Jennifer Johnson, who also participated in the conference expressed satisfaction with two-year cooperation with the State Oil Fund. She underlined that “Euromoney” magazine also highly praised the Fund`s investment program.
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