Azerbaijan State Oil Fund’s assets grew by 1/3 up to $30.4 bn for past 6 months
Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) still observes the phenomenal growth of its assets.
The Fund reports that in the 1st half of 2011 its assets increased by 33.3% up to $30.357 bn versus $22.766 bn by early 2011.
During the reported term SOFAZ revenues amounted to AZN 7.827 bn and expenditures AZN 2.59 bn. The profitable part was formed mainly due to sale proceeds of profitable oil and gas – AZN 7.518 bn, increase of prices for gas from project Shah Deniz 1 – AZN 101.7 million, dividends from BTC Co – 66.8 million, transit fees – AZN 3.8 million manta, acre payments – AZN 1.2 million, sale of assets transferred by foreign investors – AZN 600,000. Revenues from SOFAZ asset management amounted to AZN 135 million and from change of exchange rate AZN 482.4 million.
The basis of expenditures included transfer to the State Budget – AZN 2.46 bn, costs for improvement of social conditions of refugees AZN 47.2 million, Samur-Absheron canal AZN 64.1 million, water pipeline Oguz-Gabala-Baku AZN 2.3 million, education of Azerbaijani students abroad AZN 4.6 million, railway project Baku-Tbilisi-Kars AZN 9.3 million manat.
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