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SOFAZ increases assets by 53%

27 January 2011 13:42 (UTC +04:00)

Revenue of 12 932.6 mln. manats was received from implementation of oil and gas agreements, including 12 761.1 mln. manats from the sale of profit oil and gas, 158.7 mln. manats from State share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline, 8.3 mln. manats as transit payments, 1.2 mln. manats as acreage payments and 1.7 mln. manats from sale of assets received from foreign companies. The revenues from managing asset of the Fund for the reporting period amounted to 155.9 mln. manats.

As per 2010 budget of the Fund, 5 915.0 mln. manats were transferred to the State budget. The expenditures in the amount of 104.9 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 131.0 mln. manats and 199.6 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. AZN 9.6 mln. manats were directed to financing â€œState Program on Education of Azerbaijani Youth Abroad in the Years 2007-2015â€ and 12.4 mln. manats to financing Baku-Tbilisi-Kars new railway. The Fundâ€™s administrative and operational expenses for the reported period were 14.0 mln. manats.

The Fundâ€™s extra-budgetary expenditures related to the revaluation of foreign exchange totalled 502.7 mln. manats.

The assets of SOFAZ as at January 1, 2011 has grown by 52.8 % compared to the beginning of the year and stood at USD 22 766.8 mln.