Revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-December, 2004 reached 1614, 3 billion manats (AZM), while expenditures constituted AZM 871,2 billion.

Revenue of AZM 1 506,8 billion was received from implementation of oil and gas agreements including AZM 1 294, 8 billion from the sale of profit oil, AZM 59,7 billion as oil transit fees, AZM 106,0 billion as bonus payments and AZM 43,3 billion as acreage payments. Revenues from sale of assets received from foreign companies under oil agreements reached 3,0 bln. AZM, while the revenues from managing assets of the Fund for the reporting period amounted to AZM 107,5 billion.

Expenditures of the Fund in the amount of AZM 75,0 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 89,0 billion was utilized for the financing of AzBTC Co.’s share in Baku-Tbilisi-Ceyhan pipeline project and AZM 650,0 billion was transferred to the State Budget.

The Fund's administrative and operating expenses in 2004 were AZM 3,6 billion, asset revaluation expenses AZM 13,2. bln.. In 2004 the Fund paid out AZM39.8 bln. as profit tax and AZM 0,6 bln. as other taxes.

Net return on the Fund’s assets in 2004 constituted 2,14% in the Fund’s reporting currency (AZM) and 2,57 % in the Fund’s base currency (USD).

The assets of SOFAZ as at December 31, 2004 stood at 4, 758 billion (approx USD 970,5 million) as compared against assets as at January 1, 2004 of AZM 4, 015 (approx USD 815 million).