Azerbaijan State Oil Fund’s assets rose up to $32.359 bn

Baku, Fineko/ The State Oil Fund of Azerbaijan (SOFAZ) has announced the growth of its assets by 8.6% in the 1st quarter of 2012.

According to the Fund, over the 1st quarter SOFAZ assets in the base currency rose from $29.8 bn up to $32.359 bn. For Jan-Mar 2012 Fund’s revenues amounted to AZN 3.586 bn and expenditures AZN 1.919 bn.

Revenues were received due to oil and gas contracts (AZN 3.35 bn), including AZN 3.349 bn from sale of profit oil and gas, AZN 1.3 million from transit fees, AZN 1.6 million from payment of bonuses, AZN 100,000 from sale of the assets transferred by foreign companies. Income from SOFAZ management for the 1st quarter reached AZN 234.5 million and extra-budgetary income from revaluation of assets AZN 336.1 million.

Expenditures included a transfer to the State Budget of Azerbaijan (AZN 1.839 bn). Assignments for improvement of social conditions of refugees and IDPs totaled AZN 48.7 million, construction of Sumar-Absheron irrigation system AZN 20.8 million, education of Azerbaijani youth abroad AZN 3.7 million, construction of Baku-Tbilisi-Kars railway AZN 4.8 million. Expenditures on Fund’s management amounted to AZN 2.1 million.


19.04.2012 12:15


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