SOFAZ discloses revenue and expenditure statement for January-March 2024

In January-March 2024, the budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 5,268.3 million manats ($3.1 billion), and the budget expenses made up 3,205.4 million manats ($1.9 billion), respectively, down 31.1% and up twofold from the previous year, Report informs, citing the Fund.

In the reporting period, the fund’s income from the implementation of oil and gas agreements made up 3,421.4 million manats ($2.01 billion) (38.9% less than the year), from the sale of profit oil and gas – 2,645.5 million manats ($1.56 billion) (-45.2%), bonus payments stood at 775.9 million manats ($456.47 million) (+1.4%), and transit revenues amounted to 300 manats ($176.47) (-100%).

The revenues from managing SOFAZ’s assets dropped 9.8% to 1,846.9 million manats ($1.09 billion).

In the first quarter of 2024, the Fund transferred 3,195.3 million manats ($1.88 billion) (+2-fold) to the state budget.

In January-March 2024, the Fund allocated 1 million manats ($0.59 million) (-16.7%) for the “State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-2023" and 3.2 million manats ($1.88 million) (+60%) for the “State Program for the Education of Young People at prestigious higher education institutions of foreign countries for 2022-2026.”

The expenses related to the management of SOFAZ amounted to 5.9 million manats ($3.47 million), up 15.7% in comparison with a year earlier.

The extra-budgetary revenues from the revaluations in the exchange rates stood at 151.7 million manats ($89.24 million).