Oil fund curtain raised

A report by SOCAR president Natiq Aliyev on the Oil Fund earnings was published by national newspapers Thursday, saying that since a presidential decree "On setting up the State Oil Fund" dated December 29, 1999, a total of $270,964,652 has arrived at a special account.

The bulk of the amount is made up of the revenues from the sale of 967,805 tons of profit oil produced within the "Contract of the Century" (Azeri–Chirag-deepwater Gunashli fields). The total value of the profit crude is $192,762,341, of which $166,984,572 has already arrived in the country. Of the latter amount, $162,346,203 has been transferred to the Oil Fund following deductions envisioned by the national legislation. The remaining $25,777,768 will arrive before January 11.

Besides, $99,999,988 entered the Fund in the form of bonuses ($2 million from "Shell" as part of the "Inam" contract; $45 million from "Exxon" and $52 million from "Conoco" on the "Zafar" and "Mashal" agreement; and $1 million from "Moncrief" as part of the "Padar" contract), $8,258,476 in the form of a transit fee through the Western route, and $359,985 in lease payment for the AIOC office space.

A report by the National Bank board chairman Elman Rustamov says over 1992-1999 bonuses totaling $537.7 million have entered SOCAR accounts from foreign companies, of which $32 million was spent in 1992 and the first half of 1993 (during the Popular Front government), $43.6 million was advanced in the purchase of one TU-154 and two Boeing-757 aircraft. The remaining $462.1 million was transferred by SOCAR to the National Bank over 1995-1999 and the amount is fully kept.

Another presidential decree has appointed Samir Sharifov as executive director of the State Oil Fund.