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SOFAZ's revenues from revaluation of foreign exchange made 354 mln. AZN

The Fund makes revenue and expenditure statement for January-March 2016

Baku. 20 April. REPORT.AZ/ Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-March, 2016 reached 2 023.1 million manat, while budget expenditures constituted 1 946.7 million manat.

Report was told in the Fund, revenue of 1 874.3 mln. manat was received from implementation of oil and gas agreements, including 1 869.8 mln. manat from the sale of profit oil and gas, 0.1 mln. manat as bonus payments and 4.4 mln. manat as transit payments.

The revenues from managing assets for first quarter 2016 amounted to 148.8 mln. manat.

The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 354.1 million manat.

As per 2016 budget of the Fund, 1 660.0 mln. manat were transferred to the state budget. The expenditures in the amount of 26.5 mln. manat were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 6.3 mln. manat were used for financing the reconstruction of the Samur-Absheron irrigation system. 2.4 mln. manat were directed to financing Baku-Tbilisi-Kars railway construction and 5 mln. manat were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". 241.9 mln. manat were directed to financing the “Southern Gas Corridor” project. The Fund's administrative and operational expenses for the reporting period were 4.6 mln. manat.

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