SOFAZ assets reach $1 billion

[14:29] 25/07/2005, Kazakhstan Today
http://engNews.gazeta.kz/art.asp?aid=295219

As of 1 July, 2005 the assets the State Oil Fund of Azerbaijan (SOFAR) totaled 5 097.3 billion manat (AZM) (approx $1083 million), the SOFAR press service reports.

The SOFAR's assets reached AZM 4 758.166 billion ($970.5 million) by 1 January, 2005.

Revenues of the SOFAR reached AZM 1 trillion 023 manats for the first half a year 2005, while expenditures totaled AZM 651.9 billion.

AZM 968.3 billion was received due to implementation of oil and gas agreements including AZM 915.2 billion from the sale of profit oil under the agreement on "Azeri-Chyrag-Guneshly" (AChG) field development, AZM 42.5 billion as transit fees for transportation of oil via Baku-Supsa export pipeline and AZM 4.4 billion from sale of assets received from foreign companies. The revenues from SOFAR managing assets totaled AZM 54.7 billion.

According to the decree signed by the Azeri President, AZM 97.0 billion were allocated for improvement of housing conditions of refugees and internally displaced persons, AZM 250 billion were transferred to the State budget and AZM 45.4 billion were allocated for BTC pipeline construction.

Note: SOFAZ has been established in accordance with the Decree of the President of Azerbaijan dated December 29, 1999. Statutory regulations of SOFAZ were approved by the President of Azerbaijan on December 29, 2000. The Fund is an extra-budgetary institution, accountable and responsible to the President. Revenues generated from implementing agreements on exploration, development and production sharing for oil and gas fields in the territory of the Republic of Azerbaijan.

Translated by Nataliya Shirinskikh