The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) have increased to over USD 40 billion for the first time in its history.
Report informs that the assets of SOFAZ as of March 31, 2019 have increased by 4.56% compared to the beginning of 2019 (USD 38,515.2 mln.) and stood at USD 40,273.3 mln. The increase was mainly due to SOFAZ budget revenues and asset management activity.
The budget revenues of SOFAZ for the period of January-March, 2019 reached AZN 5,960.7 million, while budget expenditures AZN 2,640.7 million.
Revenue of AZN 4,605.0 mln. was received from implementation of oil and gas agreements, including AZN 3,833.5 mln. from the sale of profit oil and gas, AZN 766.4 mln. as bonus payments and AZN 5.1 mln. as transit payments.
The revenues from managing SOFAZ’s assets for January-March 2019 amounted to AZN 1,355.7 mln.
As per 2019 budget of the Fund, AZN 2,615.0 mln. were transferred to the state budget. The expenditures in the amount of AZN 19.7 mln. were directed to financing the improvement of social-economic condition of refugees and internally displaced persons. SOFAZ’s administrative and operational expenses for the reporting period were AZN 6.0 mln.
SOFAZ's extra-budgetary expenditures related to the revaluation of foreign exchange totaled AZN 332.0 mln.