Azerbaijan Oil Fund’s assets increased by 8.02%


February 8, Fineko/abc.az. The assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by 8.02% by 1 January 2018.

According to the Fund, for the reported term its assets grew from $33.147 bn up to $35.806 bn and its revenues were estimated at AZN 12.137 bn and expenditures AZN 11.015 bn.

The revenues consisted mainly income within the PSA contracts (AZN 11.053 bn), including AZN 11.03 bn from oil & gas sales, AZN 2.4 million of bonuses, AZN 17.9 million from transit fees, AZN 3.6 million acre payments.

The revenues from management of Fund’s assets amounted to AZN 1.08 bn. Extra-budgetary income from the exchange rate difference reached AZN 876.2 million.

Expenditures included transfer to the State Budget for AZN 6.1 bn, AZN 105 bn for improvement of social situation of refugees and IDPs, AZN 70 bn for reconstruction of Samur-Absheron irrigation system, AZN 20.5 million for financing of Baku-Tbilisi–Kars railway project, AZN 17 bn for financing of Azerbaijani Youth Education Abroad Program, and transfer of AZN 3.949 for the Central Bank of Azerbaijan for maintenance of macroeconomic stability in the country. Besides, it was directed AZN 735.4 million for construction of refinery Star in Turkey. SOFAZ management expenses totaled AZN 18.1 million last year.


Keywords: SOFAZ Oil Fund