Azerbaijan, Baku / corr Trend I.Khalilova / Shahmar Movsumov, the Executive Director of the State Oil Fund of Azerbaijan (SOFAR) stated to a news conference on 30 April that as of 1 April 2007, SOFAR's assets of have increased 17.7% as compared to the beginning of the year and made up approximately AZN 1,492bln (some $1.72bln).
In the first quarter the SOFAR incomes comprised AZN 373.6mln and expenses AZN 147.7 млн.
SOFAR's revenues from the implementation of oil contracts in the country constituted AZN 358.2mln, including oil revenues in the amount of AZN 342.4mln, bonus payments - AZN 0.9mln, asserts repaid by foreign investors - AZN 0.5mln, difference between producers and contract price of export oil AZN 14.4mln.
Over the first quarter of 2007 incomes from the management of funds constituted AZN 15.4mln. In this period SOFAR's expenses for measures directed at the improvement of social and living conditions and settlement of refugee and IDP families amounted to AZN 27mln and AZN 112.5mln was remitted to the public budget. SOFAR transferred AZN 7.3mln to finance the projects on reconstruction of the Samur Absheron system. Expenses for management of the SOFAR made up AZN 0.9mln.
Expenses for non-budget expenses and payments in connection with re-estimation of currency asses of the Fund comprised AZN 1.5mln.