SOFAZ's assets hit $12bln: head of fund

Majority of the fund's revenues came from sale of profitable oil. The revenues from oil contracts totaled 2.989 billion manat, from sale of oil and gas - 2.907 billion manat, transit payments - 5 million manat, dividends from the Baku-Tbilisi-Ceyhan - 75.5 million manat, and foreign management of assets - 0.1 million manat. SOFAZ's income from management with the funds was 167 million manat.

The SOFAZ has allotted around 20.2 million manat in an effort to improve lives of refugees and IDPs. The fund transferred 2.530 million to public budget and also financed reconstruction of the Samur-Absheron irrigation system at 61.9 million manat and construction of water pipeline from Oguz-Gabala region to Baku at 68.5 million manat. It also provided 1.1 million manat to finance Kars construction project in Georgia and 1.3 million manat to finance education of youth abroad.

In January-June, expenses for the fund's management were 2.7 million manat and the fund's non-budgetary expenses from changing exchange rates were 100.5 million manat.

The SOFAZ assets hit 9,557,700,000 manat ($11,886,400,000) as of July 1 2009 which is by 6.35 percent more than the same period of 2008.

/Trend Capital/