TODAY.AZ / Business

SOFAZ earns over $7B from rate difference

01 May 2015 [18:36] - TODAY.AZ
As of Apr. 1, 2015, the assets of Azerbaijan’s State Oil Fund (SOFAZ), decreasing by 5.86 percent versus with early 2015 ($37,104.1 million) stood at $34,930.5 million, the SOFAZ Executive Director Shahmar Movsumov said.

He made the remarks May 1 at a press conference dedicated to the Q1 results.

The official rate as of May 1 is 1.0482 AZN/USD.

SOFAZ revenues in January-March amounted to 2,028 million Azerbaijani manats, while expenses stood at 2,335.6 million manats.

In the reporting period, the revenues from realization of oil and gas contracts stood at 1,938.9 million manats, including the revenues from the sale of the profit oil and gas were 1,936.3 million manats, and the revenues from transit operations were 2.6 million manats.

SOFAZ’s revenues in the reporting period from the management of its own funds totalled 89.1 million manats.

Movsumov said that SOFAZ’s non-budget revenues from rate difference in Q1 totalled 7,488.7 million manats.

In SOFAZ’s expenses, the transfers to the state budget amounted to 1,941.7 million manats.

The expenditures on measures to improve the social and domestic situation of refugees and internally displaced persons were 47.9 million manats, the expenditures for financing the project for reconstruction of the Samur-Absheron irrigation system totalled 25.1 million manats.

Some 2.7 million manats were spent on the education of Azerbaijani students abroad as part of the 2007-2015 state program.

Aside from that, 3.9 million manats were directed to finance the project for construction of the new Baku-Tbilisi-Kars railway.

SOFAZ’s expenditures to finance the state’s share in the Southern Gas Corridor, created as part of the TANAP and TAP projects to ensure the Azerbaijani gas supplies to Europe, amounted in January-March to 307.4 million manats.

The costs of managing the SOFAZ in Q1 amounted to 6.9 million manats.

SOFAZ was established in 1999 with assets of $271 million.

Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

SOFAZ’s main goals include: accumulation of resources and placement of the SOFAZ assets abroad to minimize the negative effect on the economy, the prevention of “Dutch disease” to some extent, securing the accumulation of funds for future generations and the support of current social and economic processes in Azerbaijan.

URL: http://www.today.az/news/business/140385.html

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