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Thursday, November 10, 2005

Azerbaijani oil fund up $237mln since January

BAKU, November 9 (RIA Novosti, Gerai Dadashev) - The State Oil Fund of Azerbaijan has grown almost $237 million this year, aggregating about $1.273 billion October 1, the Fund said in a press release. Revenues and expenses were $481 million and $145 million respectively in January-September. The fund made $389 million in revenue from the implementation of oil contracts, $13 million from tariffs on the transit of oil via the Baku-Supsa pipeline and $21 million from the management of its appropriations. Allocations from the Fund to the improve living standards of refugees and forced migrants were $35 million, while $10.7 million was earmarked for Azerbaijan's share in the Baku-Tbilisi-Ceyhan pipeline construction project. The state budget got $99 million. The Fund lost $88 million in the reporting period due to exchange rate fluctuations. The Fund is an off-budget organization that accumulates revenues from oil contracts, tariffs on transiting fuels, the lease of state property and the management of appropriations. It is accountable to the head of state.

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