TODAY.AZ / Business

SOFAZ reveals its 2005 budget incomes and outlays

11 February 2006 [15:29] - TODAY.AZ
Budget receipts of the State Oil Fund of Azerbaijan Republic (SOFAZ) made up 660 million manats in 2005 while budget outlays came to 233 million manats.

As AzerTAg reports, the incomes related to implementation of oil and gas contracts totaled 567.3 million manats including AZN 542.6 mln. from the sale of profit oil, AZN 15.6 mln. as transit fees, AZN 0.9 mln. as bonus payments, AZN 8.2 mln. as acreage payments and AZN 1.5 mln. from sale of assets received from foreign companies under oil contracts.

The revenues from managing assets of the Fund for the reporting period amounted to AZN 27.9 mln.. In addition, Ministry of Finance transferred AZN 63.3 mln. to the Fund from the special stabilization account.

Fund's outlays in the amount of AZN 40.4 mln. were directed to finance, as of 2005 budget of the Fund, building of housing and improvement of socio-economic condition of refugees and internally displaced persons. AZN 41.0 mln. was utilized to finance AzBTC Co.'s share in Baku-Tbilisi-Ceyhan pipeline project and AZN 150.0 mln. was transferred to the State Budget. The SOFAZ management expenses in 2005 came to AZN 1.6 mln.

The Fund's extra-budgetary expenditures and payments in 2005 were AZN 91.9 mln., including asset revaluation expenses of AZN 88.4 mln. The Fund paid out AZN 3.5 mln. as profit tax.

The assets of SOFAZ as of January 1, 2006 have stood at AZN 1 280.4 mln.(approx. USD 1.394 million.).

These figures show financial reports on expenditures and revenues that have not been audited yet.

URL: http://www.today.az/news/business/23173.html

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