Industry and Energy

Industry and Energy

State Oil Fund of Azerbaijan posts assets at $15 billion

26 January 2010 14:59 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) as at January 1, 2010 has grown by 32.8 % compared to the beginning of 2009 (USD 11 219.2 mln.) and stood at 11 966.5 mln. manats (USD 14 900.4 mln.), said Shahmar Movsumov, Executive Director of SOFAZ.

Budget revenues of SOFAZ for the period of January-December, 2009 reached 8 176.7 million manats, while budget expenditures constituted 5 294.5 mln. manats. 2009 budget revenues and expenditures of the Fund were executed accordingly 97.8 % and 99.5%.

Revenue of 7 870.8 mln. manats was received from implementation of oil and gas agreements, including 7 702.6 mln. manats from the sale of profit oil and gas, 156.8 mln. manats from Azerbaijanâ€™s State participation share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline, 8.9 mln. manats as transit payments, 1.1 mln. manats as acreage payments, 0.8 million manats as bonus payments and 0.6 mln. manats from sale of assets received from foreign companies.

The revenues from managing assets of the Fund for the reporting period amounted to 305.9 mln. manats.

The Fundâ€™s extra-budgetary revenues related to the revaluation of foreign exchange totalled 97.6 million manats.

As per 2009 budget of the Fund, 4 915.0 mln. manats were transferred to the state budget. The expenditures in the amount of 89.9 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 130.0 mln. manats and 120.0 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. 22.1 mln. manats were directed to financing Baku-Tbilisi-Kars railway and 7.9 mln. manats to financing â€œThe state program on the education of Azerbaijan youth abroad in the years 2007-2015â€. The Fundâ€™s administrative and operational expenses in this period were 9.6 mln. manats.