BAKU, Azerbaijan, April 18. The assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by nine percent in the first quarter of 2023, up to $53.4 billion, Trend reports via SOFAZ.
In the reporting period, the revenues of the state fund amounted to $7.6 billion, and the expenditures - to $1.58 billion.
Meanwhile, revenues of SOFAZ from the implementation of oil and gas agreements exceeded 5.59 billion manat ($3.29 billion), profit from the sale of oil and gas reached 4.8 billion manat ($2.8 billion), bonuses – 765.3 million manat ($450.18 million), and revenues from transit – 800,000 manat ($470,590).
Besides, from January through March this year, the fund’s profit from management of its assets amounted to 2.04 billion manat ($1.2 billion), and its extra-budgetary revenues - 1.4 billion manat ($820 million).
Over 1.57 billion manat ($920 million) was transferred to the state budget as part of the SOFAZ budget implementation in the reporting period.
According to SOFAZ, 1.2 million manat ($710,000) was allocated for the financing of the "State program on increasing international competitiveness of the higher education system in the Republic of Azerbaijan for 2019-2023" in the first quarter of 2023.
The fund added that two million manat ($1.18 million) was allocated for the financing of the "State Program for 2022-2026 for enabling youth to study in prestigious foreign universities during the reporting period.
The expenses related to the management of SOFAZ amounted to 5.1 million manat ($3 million) from January through March this year.
In 2022, SOFAZ assets grew by 8.9 percent, from $45.02 billion recorded in the previous year to $49.06 billion.