Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan held on November 1, 2007 a press conference on SOFAZ activities in the the period of January-September, 2007. Updating press on the latest developments at SOFAZ, he made a presentation and answered media questions.

SOFAZ Executive Director made public the Fund's revenue and expenditure statement for the period of January-September, 2007:

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2007 reached 1 333, 6 million manats (AZN), while budget expenditures constituted AZN 757, 2 mln.

The assets of SOFAZ as at October 1st 2007 grew by 45, 5 % compared to the beginning of the year and stood at AZN 1843,8 mln. (USD 2166,5 mln.).

Revenue of AZN 1 279, 3 mln. was received from implementation of oil and gas agreements, including AZN 1 216, 7 mln. from the sale of profit oil, AZN 0,8 mln. as acreage payments, AZN 39, 4 mln. as bonus payments, and AZN 1, 0 mln. from sale of assets received from foreign companies. SOFAZ received AZN 21, 4 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 51, 5 mln. and revenues due to asset revaluation stood at AZN 2,8 mln.

As per 2007 budget of the Fund, the expenditures in the amount of AZN 108,7 mln. were directed to financing of improvement of social condition of refugees and internally displaced persons, AZN 34, 1 mln. and AZN 55, 7 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 0,2 mln. were directed to financing Baku-Tbilisi-Kars railway, AZN 468, 8 mln. were transferred to the state budget and AZN 87,6 mln. were directed to repayment of the State Oil Company's share in the projects on joint using Azeri, Chirag and Guneshli oilfields. The Fund's administrative and operational expenses in nine months of 2007 were AZN 2, 1 mln.