oil fund


2002 Revenue and Expenditure Statement

14 Jan 2003 11:00:00

2002 Revenue and Expenditure Statement

14 Jan 2003 11:00:00
Revenues of the State Oil Fund of Azerbaijan (SOFAZ) in 2002 reached 1,474 billion manats while expenditures constituted 434 billion manats.

Revenue of 1,093 billion manats, including proceeds of 976 billion manats from the sale of profit oil, was received by the Fund from implementation of oil and gas agreements. In addition, 257 billion manats in bonus payments was received 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. This was in accordance with the Presidential Decree #739 dated July 30, 2002. Revenues from managing assets of the Fund amounted to 124 billion manats, of which asset revaluation accounted for 63 billion manat.

Expenditures of the Fund were directed to:

  1. 189 billion manats to finance, as per Presidential Decrees # 562, 577 & 700 and 2002 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. 242 billion manats related to BTC pipeline project.
  3. 3 billion manats to finance the Fund's administrative and operating expenses.
    The assets of SOFAZ at January 1, 2003 stood at 3,387 billion manats (approx USD 692 million) as compared against assets as at January 1, 2002 of 2,347 billion manats (approx USD 491 million).

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