oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ Revenue and Expenditure Statement for January-September 2008 (non-audited)

27 Nov 2008 11:00:00

SOFAZ Revenue and Expenditure Statement for January-September 2008 (non-audited)

27 Nov 2008 11:00:00
Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2008 reached 9 190,2 million manats, while budget expenditures constituted 2 498,2 mln. manats.

Revenue of 9 127,2 mln. manats was received from implementation of oil and gas agreements, including 9 060,7 mln. manats from the sale of profit oil, 0,8 mln. manats as acreage payments, 2,8 million manats as bonus payments, 0,1 mln. manats as transit payments, 60,4 mln. manats from Azerbaijan's State participation share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline and 2,4 mln. from sale of assets received from foreign companies.

The revenues from managing assets of the Fund for the reporting period amounted to 63,0 mln. manats.

As per 2008 budget of the Fund, the expenditures in the amount of 85,5 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 79,5 mln. manats and 135,8 mln. manats were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing construction of the Oghuz-Gabala-Baku water supply system. 3,7 mln. manats were directed to financing Baku-Tbilisi-Kars railway and 0,6 mln. manats to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". 2 190,0 mln. manats were transferred to the state budget. The Fund's administrative and operational expenses in this period were 3,1 mln. manats.

The Fund paid profit tax and other taxes of 22,5 mln. manats. The Fund's extra-budgetary expenditure due to asset revaluation stood at 383,1 mln. manats.

The assets of SOFAZ as at October 1, 2008 has grown by 4 times compared to the beginning of the year and stood at 8 378,8 mln. manats (USD 10 382,2 mln.).

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