Details of SOFAZ budget execution unveiled


July 8, Fineko/abc.az. President Ilham Aliyev has approved the implementation of the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2019.

SOFAZ revenues for 2019 amounted to AZN 19.3 bn and were executed by 123.2% and expenditures AZN 11.59 bn (execution – 99.9%). Thus, Fund's budget for the past year was executed with surplus of AZN 7.442 bn or 39.1% of revenues.

In the revenue structure of the Fund for 2019 the proceeds from the sale of profit oil and gas of Azerbaijan amounted to AZN 14.614 bn (76.8% of all revenues), per-acre payments AZN 4.69 million, revenues from oil and gas transit through the territory of Azerbaijan AZN 18.937 bn, income from placement and management of foreign currency assets of the Fund AZN 3.625 bn, and bonus income AZN 766.35 million.

In the structure of the Fund's expenditures the transfers to the State Budget amounted to AZN 11.36 bn (98.1% of all expenditures), expenditures for improvement of the social and living conditions of refugees and internally displaced persons AZN 199.998 million, and administrative expenses of the Fund AZN 24.304 million.