Revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-June, 2004 reached 550.3 billion manats (AZM), while expenditures constituted AZM 452.4 billion.
AZM508.2 billion in revenues was received from implementation of oil agreements including AZM461.7 billion from the sale of profit oil, AZM32.3 billion as transit fees for transportation of oil via Baku-Supsa export pipeline, AZM7.9 billion as bonus payments, AZM6.3 billion as acreage payments. Revenues from sale of assets received from foreign companies under oil agreements reached 0.9 bln. AZM, while the revenues from managing assets of the Fund for the reporting period amounted to AZM41.2 billion.
Expenditures of the Fund during 6 months of 2004 in the amount of AZM9.5 billion were directed to finance, as per 2004 budget of the Fund and Presidential Decrees N 562, 577, 700, 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. AZM 40.6 billion was utilized for the financing of AzBTC Co. share in Baku-Tbilisi-Ceyhan pipeline project and AZM299.0 billion was transferred to the State Budget.
The Fund's 6 months operating expenses were AZM70.3 billion, where the administrative expenses constituted AZM1.3 billion and asset revaluation expenses were AZM69.0 billion.
In 2004 the Fund paid out AZM33.0 billion as a profit tax according to the results of the year of 2003.
The assets of SOFAZ as at June 30, 2004 stood at AZM4 trillion and 113 billion (approx USD 838.5 million) as compared against assets as at the beginning of 2004 being AZM4 trillion and 15.0 billion (approx USD 815 million).