SOFAZ earns over 350M manats in 1Q2016 due to exchange rate difference
Baku, Azerbaijan, Apr. 20
By Anvar Mammadov - Trend:
Azerbaijan's State Oil Fund's (SOFAZ) extra-budgetary revenues related to the revaluation of foreign exchange totaled 354.1 million Azerbaijani manats in 1Q2016, said SOFAZ's message Apr. 20.
The official exchange rate is 1.5128 AZN/USD as of Apr. 20.
As of Apr. 1, 2016, SOFAZ's assets have increased by 2 percent - up to $34.25 billion compared to the beginning of 2016 ($33.57 billion).
SOFAZ's budget revenues reached 2.02 billion manats during the reporting period, while the expenditures - 1.95 billion manats, said the message.
The Fund's revenues received from implementation of oil and gas agreements totaled 1.874 billion manats.
The revenues from managing assets for the first quarter of 2016 amounted to 148.8 million manats, according to the message.
SOFAZ transferred 1.66 billion manats to the state budget, said the message.
The Fund directed 26.5 million manats for financing the improvement of social and economic conditions of refugees and internally displaced persons, 6.3 million manats - for financing the reconstruction of the Samur-Absheron irrigation system.
SOFAZ directed 5 million manats for financing the State Program on education of the Azerbaijani youth abroad in 2007-2015, according to the message.
During the first quarter of 2016, SOFAZ directed 2.4 million manats for financing the construction of Baku-Tbilisi-Kars (BTK) railway, 241.9 million manats - for the Southern Gas Corridor project, which was created to supply Azerbaijani gas to Europe.
The Fund's administrative and operational expenses were 4.6 million manats during the reporting period, said the message.
SOFAZ was established in 1999 with assets of $271 million.
As of January 1, 2016, SOFAZ assets reduced by 9.5 percent compared to 2014 ($37.1 billion) and were estimated at $33.57 billion.
Edited by SI
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