Azeri oil fund’s revenues top $17.3bn in 2010
BAKU – Azerbaijan’s State Oil Fund (SOFAR) that holds profits from crude exports posted revenues worth over $13.88 billion manats ($17.35 billion) and expenses totaling 6.386bn manats ($7.982bn) in 2010, according to its Executive Director, Shahmar Movsumov.
Movsumov told a news conference Thursday that the projection on SOFAR’s revenues was overfulfilled by 44.9 percent, while that on expenses was fulfilled by 99.4 percent.
The fund’s revenues from the execution of oil and gas agreements exceeded $16.165bn. Moreover, proceeds from the Baku-Tbilisi-Ceyhan (BTC) oil pipeline project made up $198.3 million.
SOFAR transferred $7.393bn to the state budget last year, Movsumov said.
As of January 1, SOFAR’s assets increased 52.8 percent to more than $22.766bn in comparison with the figure reported a year ago.
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