Baku, Azerbaijan, May 18
Trend:
Azerbaijan's President Ilham Aliyev signed a decree May 18 on execution of the 2015 budget of the country's State Oil Fund (SOFAZ).
SOFAZ's revenues and expenditures were 7,721,084,900 manats and 9,187,826,900 manats, respectively, in 2015, according to the decree.
The budget revenues and expenditures were executed by 75.4 percent and 77.8 percent, respectively.
The revenues from the sale of profitable oil and gas stood at 7,369,582,100 manats, while the revenues from the oil and gas transit through Azerbaijan's territory amounted to 11,594,900 manats.
The revenues in the form of bonuses as a result of signing or implementation of oil contracts stood at 2,108,300 manats, while the revenues from the placement and management of the Fund's foreign exchange assets totalled 335,579,500 manats in 2015.
SOFAZ was created in 1999 and its assets were equal to $271 million at that time.
Under SOFAZ's regulations, its funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and placement of the Fund's assets abroad in order to minimize the negative effect on the economy, prevention of the "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of the current social and economic processes in Azerbaijan.