Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2006 reached 730,7 million manats (AZN), while budget expenditures constituted AZN 606, 8 mln.

Revenue of AZN 684, 3 mln. was received from implementation of oil and gas agreements, including AZN 670,0 mln. from the sale of profit oil and AZN 10,9 mln. as transit fees, AZN 1,8 mln. as bonus payments, AZN 1, 2 mln. as acreage payments and AZN 0,4 mln. from sale of assets received from foreign companies under PSAs. AZN 5,1 mln. was received from State Oil Company of the Republic of Azerbaijan as the price difference between the contract value and domestic wholesale price of exported oil. The revenues from managing assets of the Fund for the reporting period amounted to AZN 41, 3 mln.

Expenditures of the Fund in the amount of AZN 46, 8 mln. were directed to finance, as per 2006 budget of the Fund, building of housing and improvement of socio-economic condition of refugees and internally displaced persons. AZN 75,1 mln. was utilized for the financing of AzBTC Co.’s share in Heydar Aliyev Baku-Tbilisi-Ceyhan pipeline project and AZN 455,0 mln. was transferred to the State Budget. AZN 1, 7 mln. was used for financing construction of the Oghuz-Gabala-Baku water supply system and AZN 7,5 mln. was utilized for financing the reconstruction of the Samur-Absheron irrigation system. AZN 20,0 mln. was directed to formation of the statutory capital of the State Investment Company. The Fund’s administrative and operation expenses in nine months were AZN 0, 7 mln.

The Fund’s extra-budgetary expenditures and payments, including asset revaluation expenses were AZN 29, 6 mln. in the first three quarters of 2006.

The assets of SOFAZ as at September 30, 2006 grew by 7, 4% compared to the beginning of the year and stood at AZN 1 374, 8 mln. (USD 1 569 mln.)