State Oil Fund of Azerbaijan exceeded annual revenue budget in 2010
Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) has summarized the results of its activities for 2010 by exceeding budget revenues.
At todays press conference SOFAZ executive director Shahmar Movsumov has said that Fund’s budget revenues for 2010 amounted to AZN 13.09 bn and expenditures AZN 6.386 bn.
"Budget profitable part was implemented by 44.9% and expenditure part by 99.4%,” Movsumov said.
In connection with implementation of oil and gas production contracts the SOFAZ received AZN 12.9 bn, including AZN 12 76 bn from sale of oil and gas. Dividends from pipeline company BTC Co totaled AZN 158.7 million, transit fees AZN 8.3 million, acre payments AZN 1.2 million, bonuses AZN 1.6 million, from sale of assets transferred by foreign investors AZN 1.7 million.
"In 2010, income from SOFAZ assets management amounted to AZN 155.9 million and off-budget revenues due to positive exchange rate difference reached AZN 502.7 million,” Movsumov emphasized.
In 2010 the SOFAZ transferred AZN 5.915 bn to the State Budget of Azerbaijan. Besides, the Fund directed AZN 104.9 million for improvement of the situation of refugees and IDPs, AZN 131 million for Samur-Absheron water system and AZN 199.6 million for water-main Oguz-Gabala-Baku. Another AZN 12.4 million was directed for financing railway line Baku-Tbilisi-Kars. Within the framework of the Program of Azerbaijani Youth Study Abroad the SOFAZ allocated AZN 9.6 million. In 2009, SOFAZ expenditures on Fund’s management amounted to AZN 14 million.
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