Revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-March, 2004 reached 159,8 billion manats (AZM), while expenditures constituted AZM 218,8 billion.
Revenue of 125,6 billion was received from implementation of oil and gas agreements, including AZM102,8 billion from the sale of profit oil, AZM14,9 billion as oil transit fees, and AZM7,9 billion as bonus payments. The revenues from managing assets of the Fund for the reporting period amounted to AZN 34, 2 bln.
Expenditures of the Fund in the amount of AZM1,7 billion were directed to finance, as per 2004 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. AZM 4,4 billion was utilized for the financing of AzBTC Co.’s share in Baku-Tbilisi-Ceyhan pipeline project and AZM136,0 billion was transferred to the State Budget.
The Fund's administrative and operating expenses in first quarter of 2004 were AZM 43,7 billion. The Fund paid out AZM33,0 billion as a profit tax in the reported period.
The assets of SOFAZ as at March 31, 2004 stood at AZM 3,956 billion (approx USD 803,3 million) as compared against assets as at January 1, 2004 of 4.150 billion (approx USD 815 million).