Azerbaijan State Oil Funds assets rose up to $33.1 bn
Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) has announced the growth of its assets by 11.4% for Jan-Sept 2012.
The Fund informs that over the first three quarters of the year SOFAZ assets rose up to $33.19 bn versus AZN 29.8 bn by early 2012.
For Jan-Sept 2012 Fund’s revenues amounted to AZN 10.076 bn and expenditures AZN 7.5 bn.
Since the first quarter the Fund also started buying physical gold, and as of 1 October SOFAZ assets in gold totaled 10,891 tons or 350,146 ounces.
Revenues were received due to oil and gas contracts (AZN 9.636 bn), including AZN 9.625 bn from sale of profit oil and gas, AZN 5.7 million from transit fees, AZN 1.6 million from payment of bonuses, AZN 200,800 from sale of the assets transferred by foreign companies. Income from SOFAZ management for the Jan-Sept of the year reached AZN 440.4 million.
SOFAZ off-budget revenues from difference as a result of currency exchange rate reached AZN 79.3 million.
Expenditures included a transfer to the State Budget of Azerbaijan (AZN 7.038 bn). Assignments for improvement of social conditions of refugees and IDPs totaled AZN 251.1 million, construction of Samur-Absheron irrigation system AZN 115.1 million, education of Azerbaijani youth abroad AZN 8.3 million, construction of Baku-Tbilisi-Kars railway AZN 97 million. Expenditures on Fund’s management amounted to AZN 21.1 million.
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