ECONOMY
SOFAZ’S BUDGET REVENUES REACH 1 BLN 333,6 MLN MANATS FOR NINE MONTH 2007
Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan held November 1a press conference on SOFAZ activities in the period of January-September, 2007.
Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2007 reached 1 333, 6 million manats (AZN), while budget expenditures constituted AZN 757, 2 mln.
The assets of SOFAZ as at October 1st 2007 grew by 45, 5 % compared to the beginning of the year and stood at AZN 1843,8 mln (USD 2166,5 mln).
Revenue of AZN 1 279, 3 mln was received from implementation of oil and gas agreements, including AZN 1 216, 7 mln from the sale of profit oil, AZN 0,8 mln as acreage payments, AZN 39, 4 mln as bonus payments, and AZN 1 mln from sale of assets received from foreign companies. SOFAZ received AZN 21, 4 mln 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 51, 5 mln and revenues due to asset revaluation stood at AZN 2,8 mln.
As per 2007 budget of the Fund, the expenditures in the amount of AZN 108,7 mln were directed to financing of improvement of social condition of refugees and internally displaced persons, AZN 34, 1 mln and AZN 55, 7 mln were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing construction of the Oghuz-Gabala-Baku water supply system. AZN 0,2 mln were directed to financing Baku-Tbilisi-Kars railway, AZN 468, 8 mln were transferred to the state budget and AZN 87,6 mln were directed to repayment of the State Oil Company’s share in the projects on joint using Azeri, Chirag and Guneshli oilfields. The Fund’s administrative and operational expenses in the nine months of 2007 were AZN 2,1 mln.