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SOFAZ’s assets nears $35B

SOFAZ’s assets nears $35B
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 manats, while budget expenditures constituted 5,533.8 million manats.

According to SOFAZ, revenue of 5,458.8 mln. manats was received from implementation of oil and gas agreements, including 5,443.1 mln. manats from the sale of profit oil and gas, 2.4 mln. manats as bonus payments, 3.6  mln. manats as acreage fee and 9.7 mln. manats as transit payments.
 
The revenues from managing assets of the Fund for January-June 2017 amounted to 668.4 mln. manats.
 
As per 2017 budget of the Fund, 2,991.0 mln. manats were transferred to the state budget. The expenditures in the amount of 56.4 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 21.5 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 2.7 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 4.7 mln. manats were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015".             2,448.3 mln. manats 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. manats.
 
The Fund's extra-budgetary expenditures related to the revaluation of foreign exchange totalled 98.4 mln. manats.
 
The assets of SOFAZ as of July 1, 2017 have increased by 4.96% compared to the beginning of 2017 (USD 33,147 mln.) and stood at USD 34,790.9 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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