SOFAZ made 2.4 AZN bln transfer to Central Bank this year

Baku. 17 July. REPORT.AZ/ Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2017 reached 6 127.2 million AZN, while budget expenditures constituted 5 533.8 million AZN.

Report was told in the SOFAZ, revenue of 5 458.8 mln. AZN was received from implementation of oil and gas agreements, including 5 443.1 mln. AZN from the sale of profit oil and gas, 2.4 mln. AZN as bonus payments, 3.6 mln. AZN as acreage fee and 9.7 mln. AZN as transit payments.

The revenues from managing assets of the Fund for January-June, 2017 amounted to 668.4 mln. AZN.

As per 2017 budget of the Fund, 2 991.0 mln. AZN were transferred to the state budget. The expenditures in the amount of 56.4 mln. AZN were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 21.5 mln. AZN were used for financing the reconstruction of the Samur-Absheron irrigation system. 2.7 mln. AZN were directed to financing Baku-Tbilisi-Kars railway construction and 4.7 mln. AZN were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". 2 448.3 mln. AZN were transferred to Central Bank of the Republic of Azerbaijan for preserving macroeconomic stability. The Fund's administrative and operational expenses for the reporting period were 9.2 mln. AZN.

The Fund's extra-budgetary expenditures related to the revaluation of foreign exchange totaled 98.4 mln. AZN.