Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-March, 2006 reached 221,4 million manats – AZN, while budget expenditures constituted AZN 168,7 mln..

Revenue of AZN 209,9 mln. was received from implementation of oil and gas agreements, including AZN 207, 3 mln. from the sale of profit oil and AZN 2,6 mln. as transit fees. The revenues from managing assets of the Fund for the reporting period amounted to AZN 11,5 mln.

Expenditures of the Fund in the amount of AZN 21,2 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 21,7 mln. was utilized for the financing of AzBTC Co.’s share in Heydar Aliyev Baku-Tbilisi-Ceyhan pipeline project and AZN 125,0 mln. was transferred to the State Budget. AZN 0,1 mln. and AZN 0, 5 mln. was accordingly used for financing construction of the Oguz-Qabala-Baku water supply system and financing the reconstruction of the Samur-Absheron irrigation system. The Fund’s administrative and operating expenses in three months were AZN 0,2 mln..

The Fund’s extra-budgetary expenditures and payments, including asset revaluation expenses were AZN 3,0 mln. in first quarter of 2006.

The assets of SOFAZ as at March 31, 2006 stood at AZN 1 330, 2 mln.(approx. USD 1 464 mln.)