First time in the history the State Oil Fund of Azerbaijan failed to receive expected profit for the year
Baku, Fineko/abc.az. Yesterday lham Aliyev, The President of Azerbaijan, approved the budget implementation of the State Oil Fund of Azerbaijan (SOFAZ) with surplus of AZN 3.1 billion (AZN 3,100,464.300).
In accordance with the order of the President, SOFAZ profits for the last year were approved at the level of AZN 13.674 billion (AZN 13,674,070.100) and the spending – at the level of AZN 10.573 (AZN 10,573,605.800). The State Oil Fund has implemented the profit section of its budget by 99.7% and the spending section – by 98.4%.
The revenue from hydrocarbons sale makes the basic part of its profit – AZN 13.117 billion (AZN 13,117,354.600). The revenue from SOFAZ assets administration is estimated to be at the level of AZN 543.992 million (AZN 543,992.100).
The transfers to the state budget at the level of AZN 9.905 billion made the basic part of its spending. The spending for social conditions of refugees and forced migrants are estimated to be at the level of AZN 299.982 million.
It should be noted that it was fist time in the Fund’s history starting from December 1999 when the profit budget failed to be implemented.
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