SOFAR cites high performance in ‘09
Budget revenues of Azerbaijan’s State Oil Fund
(SOFAR), the body that holds proceeds from the exports of oil,
reached 8.2 billion manats (over $10.2 billion), while budget
expenditures constituted 5.3 billion manats ($6.6bn), Executive
Director Shahmar Movsumov says.
Movsumov told a news conference on SOFAR’s 2009 performance that budget revenues and expenditures of the Fund were executed 97.8 percent and 99.5 percent accordingly.
Revenues worth 7.8bn manats ($9.75bn) were received from the implementation of oil and gas agreements.
The assets of SOFAR grew 32.8 percent compared to the beginning of 2009 and stood at 11.9bn manats ($14.9bn).
Movsumov told a news conference on SOFAR’s 2009 performance that budget revenues and expenditures of the Fund were executed 97.8 percent and 99.5 percent accordingly.
Revenues worth 7.8bn manats ($9.75bn) were received from the implementation of oil and gas agreements.
The assets of SOFAR grew 32.8 percent compared to the beginning of 2009 and stood at 11.9bn manats ($14.9bn).
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