The assets of SOFAZ rose 10.4% to some $1.579bn

According to APA, he said that revenues of AZN 423.7 mn was received from implementation of oil and gas agreements, including AZN 414.3mn from the sale of profit oil and AZN 7.2mn as transit fees, AZN 0.9mn as bonus payments, AZN 1.2mn as acreage payments and AZN 0.8mn from sale of assets received from foreign companies under oil agreements.

The revenues from managing assets of the Fund for the reporting period amounted to AZN 25.7mn.

He added that expenditures of the Fund in the amount of AZN 32.5mn were directed to finance, as per 2006 budget of the Fund, building of housing and improvement of socioeconomic condition of refugees and internally displaced persons. AZN 54.4mn was utilized for the financing of AzBTC Co.'s share in Heydar Aliyev Baku-Tbilisi-Ceyhan pipeline project and AZN 226mn was transferred to the State Budget.

"AZN 0.6mn and AZN 0.5mn was accordingly used for financing construction of the Oghuz-Gabala-Baku water supply system and financing the reconstruction of the Samur-Absheron irrigation system. The Fund's administrative and operation expenses in six months were AZN 0.4mn.

"The Fund's extra-budgetary expenditures and payments, including asset revaluation expenses were AZN 1.3mn in the first two quarters of 2006. The assets of SOFAZ as atJune 30, 2006 grew by 10.4% as against the beginning of the year and stood at AZN 1414.2mn (approx. USD 1.579bn)."