SOFAZ CEO: Fund's revenues may be 25-30% higher than forecasted

In the first quarter of 2019, revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the assets management made up $797.5 million or AZN 1,355,700,000,  94% against forecast of AZN 1,442,000,000 in the 2019’s budget, SOFAZ Executive Director Shahmar Movsumov told Report.

"As of March 31, 2019, SOFAZ’s assets stood at $40,273,300,000, up 4.56% from previous year ($38,515,200,000). Budget revenues amounted to AZN 5,960,700,000, budget expenditures – to AZN 2,640,700,000," he said.

According to him, positive dynamics of oil price allowed increase of SOFAZ’s budget incomes: "Revenues of SOFAZ’s budget in 2019 were forecasted at AZN 13.22 billion. However, in the first quarter, the revenues made up $3.83 or 29% of forecast. If this dynamic continues, SOFAZ’s revenues may be $15.36 billion, which is 16% or $2 billion higher than forecast. Along with this, it should be taken into account that oil price increased compared to early 2019. If such dynamic of price continues, SOFAZ’s revenues will be 25-30% more than forecasted," he said.