Revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-September, 2003 reached 1460.0 billion manats while expenditures constituted 982.6 billion manats.

Revenue of 1325.3 billion manats was received from implementation of oil and gas agreements including 653.7 billion manats from the sale of profit oil, 63.1 billion manats from acreage payments, 48.1 billion manats from oil transit fees, 0.6 billion manats from rental fees for the use of state property and 559,8 billion manats as bonus payments, representing 320.7 billion manats in bonus payments transferred to the Oil Fund from the National Bank of Azerbaijan to finance the purchase of shares in AzBTC Co. by the Ministry for Economic Development within the framework of financing SOCAR's participation in Baku-Tbilisi-Ceyhan Main Export Pipeline Project and 239,1 billion manats bonus received from the Lukoil (Russia) oil company for the expansion of the D-222 offshore block extraction area. Revenues from managing assets of the Fund for 9 months period amounted to 134.7 billion manats.

Expenditures of the Fund were directed to:

1. 76.2 billion manats to finance, as per Presidential Decrees ¹ 562, 577, 700 and 2003 budget of the Fund, building of housing and improvement of socio-economic condition of refugees and internally displaced persons who were forced to flee their native lands as a result of Armenia's policy of ethnic cleansing and aggression against Azerbaijan.

2. 574.6 billion manats - financing of AzBTC Co. share in Baku-Tbilisi-Ceyhan pipeline project.

3. 320.0 billion manats- transfer to the State Budget.

4. 2.8 billion manats to finance the Fund's administrative and operating expenses.

The Fund has also paid out profit tax in the amount of 9 billion manats.

The assets of SOFAZ at October 1, 2003 stood at 3,864 billion manats (approx USD 787,1 million) as compared against assets as at January 1, 2003 of 3,387 billion manats (approx USD 692 million).