Revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-March, 2005 reached 364, 6 billion manats (AZM), while expenditures constituted AZM 221,0 billion.
Revenue of AZM 328,3 billion was received from implementation of oil and gas agreements including AZM 303,7 billion from the sale of profit oil, AZM 24.3 billion as transit fees for transportation of oil via Baku-Supsa export pipeline and 0.3 bln. AZM 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 36.3 billion.
Expenditures of the Fund in the amount of AZM 32.4 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 and AZM 187,5 billion was transferred to the State Budget. The Fund's administrative and operating expenses in three months were AZM 1.1 billion.
The Fund's 3 months extra-budgetary expenditures were AZM 78.1 billion, including asset revaluation expenses of AZM 60.8 billion and payment of AZM 17.3 bln. profit tax.
The assets of SOFAZ as at March 31, 2005 stood at AZM 4 824 billion (approx USD 994 million.)