Revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-June, 2005 reached 1023 billion manats (AZM), while budget expenditures constituted AZM 395,0 billion.
Revenue of AZM 968,3 billion was received from implementation of oil and gas agreements including AZM 915,2 billion from the sale of profit oil, AZM 42,5 billion as transit fees for transportation of oil via Baku-Supsa export pipeline, AZM 6,2 billion as acreage payments and AZM 4,4 bln. from sale of assets received from foreign companies under oil agreements. The revenues from managing assets of the Fund for the reporting period amounted to AZM 54,7 billion.
Expenditures of the Fund in the amount of AZM 97,0 billion were directed to finance, as per 2005 budget of the Fund, building of housing and improvement of socio-economic condition of refugees and internally displaced persons. AZM 45,4 billion was utilized for the financing of AzBTC Co.’s share in Baku-Tbilisi-Ceyhan pipeline project and AZM 250,0 billion was transferred to the State Budget. The Fund's administrative and operating expenses in three months were AZM 2,6 billion.
The Fund's 6 months extra-budgetary expenditures were AZM 256,9 billion, including asset revaluation expenses of AZM 239,5 billion. The Fund paid out AZM 17,3 bln. as profit tax and AZM 0,1 bln. as other taxes.
The assets of SOFAZ as at June 30, 2005 stood at AZM 5 097,3 billion (approx. USD 1,083 million.)