President Ilham Aliyev approves implementation of SOFAZ's 2025 budget

President Ilham Aliyev signed a decree on the execution of the 2025 budget of the State Oil Fund of Azerbaijan (SOFAZ).

Report informs that last year SOFAZ's budget revenues amounted to 17.16 billion manats, while budget expenditures amounted to 14.63 billion manats.

During the year, the Fund earned 10.27 billion manats from the implementation of oil and gas agreements, including 9.5 billion manats from the sale of profit oil and gas, 765.7 million manats from bonus payments and transit, and 3.6 million manats from acreage payments. The SOFAZ received 8.29 billion manats from the Azeri-Chirag-Gunashli field and 958.8 million manats from the Shah Deniz field. The income generated from the management of the Fund's assets amounted to 6.89 billion manats (the rate of return was 6.2%).

During the reporting period, SOFAZ transferred 14.48 billion manats to the state budget, allocated 18.6 million manats for financing the "State Program on Enhancing International Competitiveness of the Higher Education System for 2019-2023," directed 86.9 million manats for financing the "State Program for 2022-2028 on Education of Youth at Prestigious Higher Education Institutions of Foreign Countries," and spent 40.7 million manats on management.

The Fund's extra-budgetary revenues arising from exchange rate differences amounted to 20.43 billion manats.

1 manat=0.59$ as of July 6