Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2007 reached 832, 7 million manats (AZN), while budget expenditures constituted AZN 436, 9 mln.

Revenue of AZN 802 mln. was received from implementation of oil and gas agreements, including AZN 748,7 mln. from the sale of profit oil, AZN 0,8 mln. as acreage payments, AZN 35,1 mln. as bonus payments, and AZN 0,9 mln. from sale of assets received from foreign companies. SOFAZ received AZN 16,5 mln. 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 30,7 mln.

As per 2007 budget of the Fund, the expenditures in the amount of AZN 73,9 mln. were directed to financing of building of housing and improvement of social condition of refugees and internally displaced persons, AZN 19,4 mln. and AZN 29,9 mln. were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing construction of the Oghuz-Gabala-Baku water supply system. AZN 224,5 mln. were transferred to the state budget and AZN 87,6 mln. were directed to regulating some issues on the State Oil Company's share in the projects on joint using Azeri, Chirag and Guneshli oilfields. The Fund's administrative and operation expenses in six months of 2007 were AZN 1,6 mln.

The Fund's extra-budgetary expenditures in January-June 2007 were AZN 16,5 mln. due to asset revaluation expenses.

The assets of SOFAZ as at July 1st 2007 grew by 29,9 % compared to the beginning of the year and stood at AZN 1646,7 mln. (USD 1924,2 mln.).