Assets of Azerbaijan’s Oil Fund grew by 6.22%


July 17, Fineko/ The assets of the State O oil Fund of Azerbaijan (SOFAZ) increased by 6.22% as of 1 July 2018.

The Fund reports that since early 2018 its assets have grown from $35.806 bn up to $38.036 bn, and this is the highest figure for SOFAZ entire activity, and it was provided due to growth of budget revenues, including revenues from the management of funds.

"Revenues were estimated at AZN 9.17 bn and expenditures at AZN 4.73 bn. The revenues for 2017 included income from PSA contracts (AZN 8.665 bn), including AZN 7.889 bn from sale of oil and gas, AZN 765.2 million of bonuses, AZN 10.5 million from transit fees, and per-acre payments AZN 500,000.

Revenues from Fund's asset management amounted to about AZN 508.0 million. Extrabudgetary expenditures from exchange rate difference amounted to AZN 838.5 million.

Main expenditures consisted of transfer of AZN 608.0 million to the State Budget, AZN 84.5 million allocated for improvement of social and living conditions of refugees and IDPs, AZN 19.1 million directed for reconstruction of irrigation system Samur-Absheron, AZN 7.5 million for financing of Baku–Tbilisi-Kars Railway Project, AZN 2 million for financing of the Program of Azerbaijani Youth Education Abroad. SOFAZ's management expenditures amounted to AZN 10.5 million in the 1st quarter of 2018.