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Monday, February 04, 2008

Assets of Azerbaijan's Oil Fund likely to reach $7,000,000,000 in a year

25 January 2008 - Day.Az - "By some pessimistic forecasts, the reserves of the Fund will rise by $2,000,000,000, while by our estimates, this figure may total $5,000,000,000, thus reaching $7,000,000,000". The due information has been provided by the head of the State Oil Fund of Azerbaijan Shahmar Movsumov. Sh.Movsumov links it with the overall economic growth in the country. "25% economic growth and reduction of poverty rate from 49% down to 16% are significant indicators. The last year of 2007 was successful for the Oil fund", he noted. The head of the Fund announced that of January 1 of 2007 the assets of the Fund make up AZN 2,092,400,000 ($2,475,400,000) which is by $1,021,000,000 higher than than of the previous year. "For the first time the reserves of the Fund exceeded $2,000,000,000. For the first time the dividends from the Shah-Deniz project and the Baku-Tbilisi-Ceyhan pipeline were received", he noted. The fund's assets made up AZN 1,872,300,000 last year and expenses AZN 1,061,200,000. The revenues of the Fund were executed by 120.3% and expenses by 95.1%. The revenues of the fund from the implementation of oil contracts made by AZN 1,800,000,000, including AZN 1,675,000,000 from the sale of profit oil, AZN 5,600,000 from acre payments, AZN 58,100,000 from bonus receipts, AZN 1,300,000 from assets, received from foreign investments, AZN 60,000,000 from the sale of refined contract oil, produced inside the country. The revenues from regulation of assets of the Oil fund made up AZN 72,300,000 last year. Out-budget payments to the Oil Fund of Azerbaijan, connected with the re-estimation of assets, made up AZN 13,900,000. A total of AZN 154,100,000 were used for assistance to refugees and IDP, AZN 76,900,000 and AZN 132,900,000 for the reconstruction of the Samur-Absheron water system and laying a water pipeline from the Oguz-Gabala zone to Baku, AZN 585,000,000 were transferred to the budget of the country, AZN 20,700,000 for implementation of the Baku-Tbilisi-Kars new railroad project in the framework of execution of the budget of the oil fund. A total of AZN 87,600,000 was transferred to SOCAR to finance its share in the development of deepwater Azeri, Chyrag and Guneshli. Expenses connected with the regulation of the National Fund of Azerbaijan made up AZN 4,000,000. The Investment portfolio of the fund made up $2,436,81, according to Movsumov. The receipts from the Shah Deniz project will make up $240,000,000 and from Baku-Tbilisi-Ceyhan-$140,000,000 in 2008.

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