SOFAZ assets increase by $2.7B

 SOFAZ assets increase by $2.7B
  • Clock-gray 07:38
  • calendar-gray 08 February 2018

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2017 reached AZN 12,137.5 million, while budget expenditures constituted AZN 11,015.5 million.


Revenue of AZN 11,053.9 million was received from implementation of oil and gas agreements, including AZN 11,030.0 million from the sale of profit oil and gas, AZN 2.4 mln. as bonus payments, AZN 3.6  mln. as acreage fee and AZN 17.9 mln. as transit payments.


The revenues from managing assets of the Fund for 2017 amounted to AZN 1,083.6 mln.


The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled AZN 876.2 mln.


As per 2017 budget of the Fund, AZN 6,100.0 mln. was transferred to the state budget. The expenditures in the amount of AZN 105.0 mln. was directed to financing the improvement of social-economic condition of refugees and internally displaced persons, AZN 70.0 mln. was used for financing the reconstruction of the Samur-Absheron irrigation system. AZN 20.5 mln. was directed to financing Baku-Tbilisi-Kars railway construction and AZN 17.0 mln. was directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". AZN 3,949.5 mln. was 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 AZN 18.1 mln. AZN 735.4 was allocated for construction of STAR oil refinery.


The assets of SOFAZ as of January 1, 2018 have increased by 8.02% compared to the beginning of 2017 (USD 33,147 mln.) and stood at USD 35,806.5 mln. The increase was mainly due to SOFAZ budget revenues, asset management activity and exchange rate effect of investment portfolio currencies.


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