Azerbaijan Oil Fund’s assets grew up to $34.326 bn

Baku, Fineko/ For the 1st quarter the State Oil Fund of Azerbaijan (SOFAZ) had budget net surplus at AZN 593.8 million or 16.85% of revenues for the reported term.

According to SOFAZ, in the 1st quarter it received AZN 3.5 bn of revenue and made AZN 2.929 bn of expenditures. Due to that, SOFAZ assets for the quarter increased by 0.6% - from $34.129 bn up to $34.325 bn.

The basis of revenue for the quarter were proceeds from oil and gas production PSA contracts for AZN 3.413 bn, including revenue from sale of profit oil and gas for AZN 3.410 bn. Another AZN 110.4 million were brought to Fund’s budget by revenues from the management of its assets. Transit fee provided AZN 2.1 million, bonus AZN 200,000, sale of assets transferred by foreign companies AZN 10,000.

The basis of the expenditure was transfer to State Budget for AZN 2.8 bn. Another AZN 49.3 bn was spent on improvement of social conditions of refugees and internally displaced persons, AZN 27.2 million on reconstruction of Samur-Absheron irrigation system, AZN 1.1 million on construction of the Georgian section of Baku-Tbilisi-Kars Railway Project, and AZN 3.8 million on education of young Azerbaijanis abroad. Administrative and operating expenses of the Fund for the quarter totaled AZN 7.8 million. SOFAZ expenditures for change in foreign exchange rates were estimated at AZN 446.8 million.

By 1 April 2013 the Fund purchased AZN 18.356 tons (590,146 troy ounces) of physical gold.


16.04.2013 09:19


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