SOFAZ EXECUTIVE DIRECTOR HOLDS PRESS CONFERENCE
Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan held on April 17, 2008 a press conference on SOFAZ activities in the period of January-March, 2008. Updating press on the latest developments at SOFAZ, he made a presentation and answered media questions.
SOFAZ Executive Director made public the Fund’s revenue and expenditure statement for the period of January-March, 2008:
Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-March, 2008 reached 1116,4 million manats, while budget expenditures constituted 438,4 mln manats.
Revenue of 1094,0 mln manats was received from implementation of oil and gas agreements, including 1079,2 mln manats from the sale of profit oil, 0,8 mln manats as acreage payments, 14,0 mln manats from Azerbaijan’s State participation share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline and 0,04 mln from sale of assets received from foreign companies.
The revenues from managing assets of the Fund for the reporting period amounted to 22,4 mln manats. The Fund`s extra-budgetary revenue due to asset revaluation stood at 20,2 mln manats.
As per 2008 budget of the Fund, the expenditures in the amount of 7,3 mln manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 11,4 mln manats and 29,0 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. 390,0 mln manats were transferred to the state budget. The Fund’s administrative and operational expenses in this period were 0,7 mln manats. The Fund paid profit tax of 15,6 mln manats. The assets of SOFAZ as at April 1, 2008 has grown by USD 860,4 mln and stood at 2 775,0 mln manats (USD 3 335,8 mln).
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