State Oil Fund Revenues Steadily Rise

[October 25, 2004, 21:09:20]

AzerTag, Azerbaijan
25 Oct. 2004

Revenues of the State Oil Fund of the Azerbaijan republic made AZM
819,8 bln, and expenditures – AZM 625,4 bln from January to September
2004. The Fund’s press service announced that for this period, the
revenues from oil contracts were AZM 819,8 bln, including AZM 677,8
bln from selling profitable oil, AZM 47,7 bln from transit payment
for transportation of oil along the territory of the Republic of
Azerbaijan through the Baku-Supsa export pipeline, AZM 7,9 bln from
bonus payments, and AZM 6,3 bln from per acre payments. Revenues from
foreign companies’ assets made up AZM 2,3 bln.

During the nine month of 2004, the Oil Fund Budget set aside AZM
15,7 bln to finance settling and improvement of social conditions
of refugee and IDP families ousted from native lands as a result of
the ethnic purge committed by Armenia, AZM 36,4 bln as share of the
Azerbaijan Republic in the Baku-Tbilisi-Ceyhan main export pipeline
project, and AZM 488 bln were transferred to the State Budget.

Expenditures for the mentioned period constituted AZM 51,7 and those
connected with revaluation of currency assets – AZM 49,4 bln. The
State budget received AZM 33,6 bln. in tax revenues.

The Fund’s resources made up AZM 4 trillion 209 bln (approx US$ 857,7
mln) in 31 September 2004 against AZM 4 trillion 15 bln (approx US$
815 mln) in 1 January 2004.

/US $1 = AZM 4,903/