SOFAZ revealed revenue and expenditure for January- September 2021

SOFAZ revealed revenue and expenditure for January- September 2021
# 21 October 2021 17:46 (UTC +04:00)

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2021 reached AZN 10 444.5 million, while budget expenditures constituted AZN 7 328.2 million, SOFAZ told APA-Economics.

Revenue of AZN 8 178.2 million was received from the implementation of oil and gas agreements, including AZN 7 384.4 million from the sale of profit oil and gas, AZN 772.0 million as bonus payments, AZN 16.5 million as transit payments and AZN 5.3 million as acreage fee. The revenues from managing SOFAZ’s assets for January-September 2021 amounted to AZN 2 266.3 million. As per 2021 budget of the Fund, AZN 7 309.7 million were transferred to the state budget and AZN 3.4 million were allocated to the “State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-2023” during January-September, 2021. SOFAZ’s administrative and operational expenses for the reporting period totaled AZN 15.1 million. SOFAZ’s extra-budgetary expenditures related to the foreign exchange movements amounted to AZN 1 990.6 million. As of 30 September, 2021, the value of SOFAZ`s assets under management amounted to USD 44 226.4 million, increasing by 1.52% compared to the start of the year (USD 43 564.3 million). The increase was mainly due to SOFAZ’s budget revenue and managing assets. During the current period each asset class positively contributed to the overall investment portfolio return, while the equity investments returns were significantly higher compared to other assets classes.

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