SOFAZ RELEASES REVENUE AND EXPENDITURE STATEMENT FOR FIRST HALF OF 2007
Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in January-June 2007 reached 832,7 million manats (AZN), while budget expenditures constituted AZN 436,9 mln.
Revenue of AZN 802 mln. was received from implementation of oil and gas agreements, including AZN 748,7 mln. from the sale of profit oil, AZN 35,1 mln. as bonus payments, 0,8 million manats acreage payments and AZN 0,9 mln. from sale of assets received from foreign companies and AZN 16,5 mln. was received as the price difference between the contract value and domestic wholesale price of exported oil.
The revenues from managing assets of the Fund for the reporting period amounted to AZN 15,4 mln
As per 2007 budget of the Fund, the expenditures in the amount of AZN 73,9 mln. were directed to financing of building of housing and improvement of social condition of refugees and internally displaced persons, 19,4 million and 29,9 million manats to reconstruction of the Samur-Absheron irrigation system and laying of water pipeline from Oguz-Gabala zone to Baku respectively. AZN 224,5 mln. was transferred to the state budget. AZN 87,6 mln. was utilized for the financing of SOCAR’s share in the Azeri-Chirag-Guneshli full field development project
The Fund’s administrative and operational expenses came to AZN 1,6 mln.
The Fund’s extra-budgetary expenditures and payments, including asset revaluation expenses were AZN 16,5 mln. in the first six months of 2007.
The assets of SOFAZ as of July 1, 2007 grew by 29,9 % compared to the beginning of the year and stood at AZN 1646,7 mln. (USD 1924, 2 mln.)
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