Azerbaijan, Baku, July 19/ Trend E.Ismayilov/
Azerbaijan's State Oil Fund profits amounted to 726.4 million manats in January-June 2013, the Fund reported on Wednesday. According to the report the fund's expenses amounted 5,791.2 million manats in the same period.
The revenues from implemented oil contracts were at the level of 6,488.7 million manats, as well as the revenues from sales of profitable oil and gas stood at the level of 6,482.8 million manats, and from the transit payments - at 3.9 million manats, the report said.
The revenues from the assets provided by foreign investors amounted 0.04 million manats for the reporting period. Some 237.7 million manats were received from the management of fund's resources in the first year-half. Bonus payments in the first year-half is estimated at 0.3 million manats. Acreage payments in January-June amounted 1.7 million manats.
Some 157.5 million manats from the structure of Oil Fund's expenses was allocated for activities on improvement of social and living conditions for refugees and IDPs and some 74 million manats were allocated for financing of reconstruction of Samur-Absheron irrigation system.
Transfers to the state budget amounted to 5,534.6 million manats. Some 6.3 million manats were spent on education of Azerbaijani students abroad within the state program for 2007-2015. In addition, 2.9 million manats were spent for financing of the new Baku-Tbilisi-Kars railway construction project.
Expenses of the fund from exchange difference in January-June amounted 521.6 million manats. Fund management expenses amounted 15.9 million manats in January-June. The assets of the State Oil Fund increased by 1.6 percent for July 1 and amounted $34,678.4 million compared to $34,129.4 million in early 2013.
The Fund has launched gold purchasing from the first half of 2012 and according to the data for July 1 the volume of acquired gold is estimated at 22 tons 399 kilograms (720,146 ounces).
The State Oil Fund of Azerbaijan was established in 1999 and its assets at that time were estimated at $271 million.
According to provisions on Azerbaijan's State Oil Fund, the fund's resources can be used for construction or reconstruction of strategic important infrastructural objects, as well as on settlement of national problems. Special attention was paid on development of both oil sector, infrastructural and non-oil sectors of the country in 2001-2009. Currently, a number of strategic important projects in the sphere of irrigation and transport are being financed at Fund's expenses.
The main goals of the State Oil Fund include: accumulation of funds and placement of Fund assets abroad in order to minimize negative affect on economy, prevention of Dutch Disease to some extend, provision of fund's accumulation for future generations and support of ongoing social and economic processes in Azerbaijan.
The official course for July 19 is 0.7844 AZN/USD.