Ernst&Young: asset management revenues Azerbaijan Oil Fund amounted 2.2% in 2012
Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) published its Annual Report 2012, audit of which was made by Ernst&Young.
In accordance with report, the State Oil Fund’s assets under management increased by USD 4 329.4 million, or 14.5%, from USD 29 800.0 million to USD 34 129.4 million in 2012.
“SOFAZ asset management revenues amounted to AZN 544.0 million or USD 693.5 million, yielding 2.2% rate of return in 2012” stated in the report.
During 2001–2012 the State Oil Fund’s revenues equalled to USD 83.7 billion, 40.8% of which was set aside for reserves in 2012. Thus, by the end of the last year, 41% of the Oil Fund’s overall revenues were set aside as reserves, 59 % for use.
Such expenditure level in associated with active transfer of funds to state budget of Azerbaijan. In 2012 the amount of transfers to the state budget from SOFAZ was AZN 9 905.0 million, which constituted 93.7% of the Fund’s total expenditures. Total transfers to the state budget from SOFAZ amounted to AZN 35 085.0 million during 2003-2012.
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