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PRESIDENT CONFIRMS SOFAZ 2004
BUDGET
Baku, IAA "Trend" April 6 corr. P.Kesamanski
The Azerbaijani President confirmed the
2004 budget of the State OIL Fund of Azerbaijan
(SOFAZ) with incomes for 928,7bn manats ($185.7m)
and expenses for 843.7bn manats ($168.7m),
SOFAZ told Trend.
As of January 1, 2004 SOFAZ assets have
made up $815m.
The incomes of SOFAZ, established in
December, 1999, are comprised of revenues
from sale of Azeri profit oil from the Chirag field,
payments for hydrocarbons transit via
the Azerbaijani territory, bonuses
paid by the foreign companies for participation
in the oil and gas projects and placement SOFAZ
funds abroad.
In 2004 SOFAZ incomes from the sale of Azeri
profit oil produced from Chirag are expected
to comprise 746,25bn manats, by-acre payments
by foreign companies 31.54bn manats, transit
of hydrocarbons via he territory
of Azerbaijan 75.52bn manats, handling of SOFAZ
assets 75.4bn manats.
Samir Sharifov, SOFAZ Executive Director,
clarified the cut in incomes and expenses
in 2004 as compared to previous year with absence
of considerable for the Baku-TbilisiCeyhan
project, as well as bonuses received from
the foreign companies.
At present SOFAZ assets are handled by
three managers: $50m - Sosiete Generale,
$41.5m - Clariden, $60.7m - Deutsche Asset.
The profits obtained from the foreign managers'
activities totaled 2.2 in 2003%.
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