SOFAZ sees 9% rise in assets

Baku. 16 October. REPORT.AZ/Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2018 reached 14,437.2 million manats, while budget expenditures constituted 8,005.9 million manats, Report informs citing SOFAZ.

Revenue of 13,441.6 mln. manats was received from implementation of oil and gas agreements, including 12,658.1 mln. manats from the sale of profit oil and gas, 765.2 mln. manats as bonus payments, 4.1 mln. manats as acreage fee and 14.2 mln. manats as transit payments.

The revenues from managing assets of SOFAZ for January-September, 2018 amounted to 995.6 mln. manats.

As per SOFAZ’s 2018 budget, 7,788.0 mln. manats were transferred to the state budget. The expenditures in the amount of 138.6 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 41.7 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 16.7 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 5.0 mln. manats were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". SOFAZ’s administrative and operational expenses for the reporting period were 15.9 mln. manats.

The Fund's extra-budgetary expenditures related to the revaluation of foreign exchange totalled 968.7 mln. manats.

The assets of SOFAZ as of October 1, 2018 have increased by 8.88% compared to the beginning of 2018 (USD 35,806.5 mln.) and stood at USD 38,987.7 mln. The increase was mainly due to SOFAZ budget revenues and asset management activity.