Assets of SOFAZ (State Oil Fund of Azerbaijan) are expected to remain practically at the current level ($1.569 bln.) by the end of the year, Shakhmar Movsumov, Executive Director of SOFAZ, told during the today's press conference. He told that returns and expenses will be even with each other, Trend reports.
It was preliminary forecast that the Fund's revenues will be a little less than its expenses. However, due to the increase in oil prices (the oil rise has been put at the rate of $50 per barrel; and the revenues will exceed the expenses.
This year, SOFAZ will finance several infrastructure projects, including a project on construction of a new water canal Oghuz-Gabala-Baku (90 mln. AZN), the canal takhtakorpu (37 mln. AZN), and transferring funds aimed at the authorized stock of the State Investment Company (90 mln. AZN).
The revenues of SOFAZ in 2006 has been approved at the level of 854085.5 thousand AZn, its expenses- 1026287.7 thousand AZN.
In the next year, according to the preliminary calculations, revenues to SOFAZ are expected to reach 1.5 bln. AZN, its expenses - up to 1 bln. AZn, pointed out Mr. Movsumov. A growth of revenues of the Fund is likely to be at about 500 mln. AZN within 2007.