SOFAZ assets exceed $36B

  20 October 2017    Read: 427
SOFAZ assets exceed $36B

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2017 reached AZN 8,793.4 million, while budget expenditures constituted AZN 6,911.7 million.

Revenue of AZN 7,976.7 million was received from implementation of oil and gas agreements, including AZN 7,957.8 million from the sale of profit oil and gas, AZN 2.4 mln. as bonus payments, AZN 3.6 mln. as acreage fee and AZN 12.9 mln. as transit payments.

The revenues from managing assets of the Fund for January-September, 2017 amounted to AZN 816.7 mln.

The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled AZN 582.4 mln.

As per 2017 budget of the Fund, AZN 4,300.0 mln. were transferred to the state budget. The expenditures in the amount of AZN 82.5 mln. were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, AZN 39.5 mln. were used for financing the reconstruction of the Samur-Absheron irrigation system. AZN 17.2 mln. were directed to financing Baku-Tbilisi-Kars railway construction and AZN 11.2 mln. were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". AZN 2,448.3 mln. were transferred to Central Bank of the Republic of Azerbaijan for preserving macroeconomic stability. The Fund's administrative and operational expenses for the reporting period were AZN 13.0 mln.

The assets of SOFAZ as of October 1, 2017 have increased by 8.67% compared to the beginning of 2017 (USD 33 147 mln.) and stood at USD 36 02.0 mln. The increase was mainly due to SOFAZ budget revenues, asset management activity and exchange rate effect of investment portfolio currencies.

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