SOFAZ's assets hit $11bln: head of fund

The revenues from oil contracts totaled 1.274 billion manat, from sale of oil and gas - 1.272 billion manat, transit payments - 2.1 million manat, dividends from the Baku-Tbilisi-Ceyhan - 0.1 million manat, and foreign management of assets - 0.1 million manat.

The SOFAZ has allotted around 8.4 million manat in an effort to improve lives of refugees and IDPs. The fund transferred 1.330 million to public budget. SOFAZ financed reconstruction of the Samur-Absheron irrigation system at 46.3 million manat and construction of water
pipeline from Oguz-Gabala region to Baku at 11.3 million manat. It also provided 0.4 million manat to finance Kars construction project in Georgia and 1.1 million manat to finance education of youth abroad.

The SOFAZ administrative and operational expenditures totaled 1.2 million manat, in this period. It also paid profit tax and other taxes worth 215.8 million manat.

The SOFAZ assets hit 8,721,400,000 manat ($10,863,900,000) as of April1 2009.

/Trend Capital/