SOFAZ assets up by more than 14%

The assets of the State Oil Fund of Azerbaijan (SOFAZ) amounted to $56,069,700 by the end of 2023, up $7 billion, or 14.3%, from 2022, Report informs, citing the Fund.

During the reporting year, the SOFAZ budget was executed with a surplus of 9,829 million manats ($5.8 billion).

In 2023, budget revenues of the State Oil Fund amounted to 21,661.9 million manats ($12.7 billion), and budget expenses were 11,832.6 million manats ($7 billion). During the reporting period, the State Oil Fund's income from the implementation of oil and gas contracts amounted to 15,324.1 million manats ($9 billion), including from the sale of profitable oil and gas - 14,519 million manats ($8.5 billion), bonus payments - 800.7 million manats ($470 million), per-acre payments - 3.6 million manats ($2.1 million), and transit income - 0.8 million manats ($470,588.23).

The income obtained from the management of the funds stood at 6,337.8 million manats ($3.7 billion).

During this period, 11,737.6 million manats ($6.9 billion) were transferred to the state budget. 27.9 million manats ($16.4 million) were allocated to finance the "State Program on Increasing the International Competitiveness of the Higher Education System in the Azerbaijan Republic for 2019-2023." Expenditures on SOFAZ management made up 32.8 milion manats ($19.29 million).

The non-budgetary income of the Fund was 2,132.1 million manats ($1.3 billion) due to the difference caused by the change in exchange rates.