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SOFAZ assets increase by 5.1pct

18 April 2018 17:06 (UTC+04:00)
SOFAZ assets increase by 5.1pct

By Sara Israfilbayova

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-March, 2018 reached 4.4 billion manats ($2.59 billion), while budget expenditures amounted to 2.3 billion manats ($1.35 billion).

The revenues from managing SOFAZ’s assets for January-March 2018 amounted to 120.9 million manats ($70.59 million).

The Fund’s extra-budgetary revenues related to the revaluation of foreign exchange totaled to 779.9 million manats ($458.77 million).

Revenue of 4.3 billion manats ($2.53 billion) was received from implementation of oil and gas agreements, including 3.53 billion manats ($2.08 billion) from the sale of profit oil and gas, 765.2 million manats ($450.12 million) as bonus payments and 5.1 million manats ($3 million) as transit payments.

About 2.3 billion manats ($1.35 billion) were transferred to the state budget.

The expenditures in the amount of 30.3 million manats ($17.82 million) were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 8.1 million manats ($4.76 million) were used for financing the reconstruction of the Samur-Absheron irrigation system, 1.4 million manats ($823,500) were directed to financing Baku-Tbilisi-Kars (BTK) railway construction and 500,000 manats ($294,100) were directed to financing “The state program on the education of Azerbaijani youth abroad in the years 2007-2015”.

The Fund’s administrative and operational expenses for the reporting period were 4.9 million manats ($2.88 million).

The assets of SOFAZ as of April 1, 2018 have increased by 5.1 percent compared to the beginning of 2018 and stood at $37.63 billion. The increase was mainly due to SOFAZ budget revenues, asset management activity and exchange rate effect of investment portfolio currencies.

SOFAZ was established under the Presidential Decree, dated December 29, 1999, “On Establishment of the State Oil Fund of the Republic of Azerbaijan.”

The main purpose of the establishment of the Fund was to preserve and multiply the income derived from oil, create an excellent economic base, taking into account social needs, the requirements of economic progress and development of the country. Besides, the challenge ahead is to protect the country's economy from possible negative influences caused by the growth of foreign exchange earnings and avoidance of damage to financial discipline.

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