Baku, Fineko/abc.az. State Oil Fund of Azerbaijan (SOFAZ) assets for the 3rd quarter 2009 grew by more than $1 bn.

At today's news conference SOFAZ executive director Shakhmar Movsumov said that SOFAZ assets reached $13,337 bn.

"In the 3rd quarter our assets totaled AZN 10.716 bn and growth of this indicator since early 2009 was about 20%," Movsumov said.

As of 1st January 2009, Fund's assets reached AZN 8.986 bn ($11.219 bn). In the 1st quarter SOFAZ assets decreased to AZN 8.7 bn ($10.86 bn) and in the 2nd quarter 9.557 bn ($11.886 bn).

"As of 1st October 2009 SOFAZ budget revenues totaled AZN 5.465 bn and expenditures AZN 3.95 bn," Movsumov said.

Revenues relating to implementation of oil production sharing agreements during the 3rd quarter made AZN 5.19 bn, including profit from sale of oil and gas AZN 5.107 bn, transit income AZN 6.8 million, dividends from Baku-Tbilisi-Ceyhan pipeline operation AZN 75.6 million, bonus payments AZN 800,000, and income from sale of assets transferred by foreign companies AZN 100,000.

"The revenue from management with Fund's assets for the 3rd quarter totaled AZN 273.6 million and from re-estimating assets in connection with exchange rate difference change AZN 218.4 million," Movsumov emphasized.

For this period AZN 69.6 million was spent on improvement of social condition of the population, AZN 92.4 million on reconstruction of Samur-Absheron irrigational system and AZN 94.1 million on construction of Oghuz-Gabala-Baku water pipeline system.

SOFAZ's transfer to State Budget totaled AZN 3.685 bn and payments for construction of Georgian segment of Baku-Tbilisi-Kars railway AZN 4.1 million.

AZN 3.2 million was spent to finance the State Program of Azerbaijani Youth's Education Abroad. Fund's management expenditures totaled AZN 5.7 bn.

Last year Fund's revenues were AZN 11.86 bn (or 117% of the forecast) and expenditures AZN 4.29 bn (98%). Revenues from SOFAZ assets management reached AZN 231.2 million in 2008.