Assets of SOFAZ reach highest level since its inception

By  Trend

The assets of the State Oil Fund of Azerbaijan (SOFAZ) as of July 1, 2018 have increased by 6.22 percent compared to the beginning of 2018 ($35,806.5 million) and stood at $38,036.1 million, which was the highest attained level during its activity since its inception, SOFAZ said in a message July 16.

The increase was mainly due to SOFAZ budget revenues and asset management activity, according to the message.

Budget revenues of the SOFAZ for the period of January-June, 2018 reached 9,173.7 million manats, while budget expenditures constituted 4,731.6 million manats.

Revenue of 8,665.7 million manats was received from implementation of oil and gas agreements, including 7,889.5 million manats from the sale of profit oil and gas, 765.2 million manats as bonus payments, 10.5 million manats as transit payments and 0.5 million manats as acreage fee.

The revenues from managing SOFAZ’s assets for January-June 2018 amounted to 508 million manats.

As per 2018 budget of the Fund, 4,608 million manats were transferred to the state budget. The expenditures in the amount of 84.5 million manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 19.1 million manats were used for financing the reconstruction of the Samur-Absheron irrigation system.

This is while 7.5 million manats were directed to financing Baku-Tbilisi-Kars railway construction and 2 million manats were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". The Fund's administrative and operational expenses for the reporting period were 10.5 million manats.

The Fund's extra-budgetary expenditures related to the revaluation of foreign exchange totalled 838.5 million manats.