SOFAZ revenues in Q1 was AZN 3.273 bln, expenses AZN 3.848 bln

Baku. 18 April. REPORT.AZ/ Revenue of State Oil Fund of Azerbaijan Republic (SOFAZ) amounted AZN 3 272.5 mln against AZN 3 847.5 mln expenses in January – March of 2017.

Report informs, SOFAZ CEO Shahmar Movsumov told in press conference held in the SOFAZ headquarters.

S.Movsumov noted that in the reporting period SOFAZ revenue from oil and gas projects made AZN 2 899.1 mln, including AZN 2 894.4 mln from sale of profit oil and gas, AZN 0.1 mln from bonuses, AZN 4.6 mln transit incomes. Income from management of Fund’s assets made AZN 373.4 mln.

In the reporting period SOFAS made AZN 1.525.0 mln transfer within frame of execution of state budget. Fund allocated AZN 27.8 mln for accommodation of refugee and IDP families, improvement of their social and economic conditions, AZN 8.5 mln for reconstruction of Samukh-Absheron irrigation system, AZN 1.3 mln to Baku-Tbilisi-Kars railway project”, Fund’s CEO added.

According to S.Movsumov, AZN 2.0 mln have been allocated for funding of State Program (2007-2015) for education of Azerbaijani youth abroad. He also noted AZN 2 279.0 mln transfer to Central Bank for ensuring macroeconomic stability.

It was noted that expenses related to management of SOFAZ in first quarter amounted AZN 3.9 mln.