Assets of State Oil Fund of Azerbaijan up by 7%

Baku. 12 October. REPORT.AZ/ As of October 1, 2016, assets of State Oil Fund of the Republic of Azerbaijan (SOFAZ) increased to $35 822.1 mln. from $33 574. mln. to the beginning of the year. Report informs, SOFAZ's Executive Director Shahmar Movsumov reported 6.7 percent increase in press conference on Wednesday.

According to him, investment portfolio includes $33 949,6 mln. while $1 872,5 mln is kept in manat account.

S. Movsumov noted that the Fund’s budget income in January-September, 2016 made AZN 6 618.6 mln. while budget expenditures totaled AZN 3 823.1 mln. He stated that SOFAZ’s income from implementation of oil and gas projects constituted AZN 5 883.8 mln., including AZN 5 867.0 mln. from profit sale of oil and gas, AZN 0.1 mln. bonuses, AZN 13.4 mln. transit income, AZN 3.3 mln. per-acre payments.

“Fund received AZN 734,8 mln. income from management of its financial resources. Extra-budgetary income related to change of currency rates amounts to AZN 2 612.3 mln. During reporting period SOFAZ transferred AZN 3 260.0 mln for implementation of 2016 state budget. Executive Director also listed below expenditures during reporting period:

-Support and improvement of social and living conditions of refugees and internally displaced families (IDPs) – AZN 73.8 mln.

- Reconstruction of Samur-Absheron irrigation system – AZN 39.1 mln.

- Financing Baku-Tbilisi-Kars railway project – AZN 48.6 mln.

- Financing government program for education of students abroad – AZN 20.8 mln.

- Financing Southern Gas Corridor project – AZN 241.9 mln.

- Construction of “STAR” refinery complex – AZN 127.0 mln.

SOFAZ Executive Director added, during this year they spent AZN 11.9 mln for management of the Fund.