SOFAZ assets grew 18% during first quarter

Budget revenues reached AZN 373.6 million and expenditures stood at AZN 147.7 million, APA reports.

Revenues came AZN 358.2 million from implementation of oil and gas agreements, as well as AZN 342.4 million from the sales of profit oil, AZN 0.9 million from bonus payments, AZN 0.5 million from assets received from foreign investors and AZN 14.4 million from the price difference between the contract value and domestic wholesale price of oil exports.

As per 2007 budget of the Fund, AZN 27 million went to the housing and improvement of social condition of refugees and internally displaced persons.

AZN 112.5 million was transferred to the state budget and AZN 7.3 million was spent on the reconstruction of the Samur-Absheron irrigation system. The Fund's operating expenses were AZN 0.9 million.

Extra budgetary expenses and payments for January and March were AZN 1.5 million due to asset revaluation costs.