Assets of Azerbaijan’s Oil Fund grew by 5.1%


April 18, Fineko/ The assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by 5.1% as of 1 April 2018.

According to SOFAZ, since the beginning of the year its assets increased from $35.806 bn up to $37.6 bn, revenues were estimated at the level of AZN 4.424 bn and expenditures at AZN 2.344 bn.

Revenues for 2017 consisted of income from PSA contracts (AZN 4.303 bn), including AZN 3.5 bn from sale of oil and gas, bonuses for AZN 765.2 million, and transit fees for AZN 5.1 million.

Revenues from the Fund's asset management amounted to AZN 120.9 million. Extra-budgetary revenues from exchange rate difference reached AZN 779.9 million.

Expenditures were directed for transfer of AZN 2.299 bn to the State Budget, AZN 30.3 million for improvement of social-domestic situation of refugees and internally displaced persons, AZN 8.1 million for reconstruction of irrigation system Samur-Absheron, AZN 1.4 million for financing of railway project Baku-Tbilisi-Kars, AZN 500,000 for financing of program of Azerbaijani youth education abroad.

SOFAZ management expenses amounted to AZN 4.9 million in the 1st quarter of 2018.



Keywords: SOFAZ