Azerbaijan Oil Fund’s assets totals $34.7 bn

Baku, Fineko/ For the 1st half-year  the State Oil Fund of Azerbaijan (SOFAZ) had budget net surplus at AZN 935.2 million.

According to SOFAZ, in the 1st half year it received AZN 6.7 bn of revenue and made AZN 5.791 bn of expenditures. Due to that, SOFAZ assets for the quarter increased by 1.6% - from $34.129 bn up to $34.678 bn.

The basis of revenue for the half-year were proceeds from oil and gas production PSA contracts for AZN 6.488 bn, including revenue from sale of profit oil and gas for AZN 6.482 bn. Another AZN 1.7 million were brought to Fund’s budget by revenues from the management of its assets. Transit fee provided AZN 3.9 million, bonus AZN 300,000, sale of assets transferred by foreign companies AZN 40,000. Revenue of the fund on management of funds for such term totaled AZN 237.7 million.

The basis of the expenditure was transfer to State Budget for AZN 5.53 bn. Another AZN 157.5 bn was spent on improvement of social conditions of refugees and internally displaced persons, AZN 74 million on reconstruction of Samur-Absheron irrigation system, AZN 2.9 million on construction of the Georgian section of Baku-Tbilisi-Kars Railway Project, and AZN 6.3 million on education of young Azerbaijanis abroad. Administrative and operating expenses of the Fund for the quarter totaled AZN 15.9 million. SOFAZ expenditures for change in foreign exchange rates were estimated at AZN 521.6 million.

By 1 July 2013 the Fund purchased AZN 22.399 tons (720,146 troy ounces) of physical gold.



17.07.2013 18:02


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