State Oil Fund of Azerbaijan expects asset increase by $1 billion more in 2013

Oil&Gas Materials 5 November 2013 17:19 (UTC +04:00)

Baku, Azerbaijan, Nov. 5

By Abbas Akhundov - Trend: The State Oil Fund of Azerbaijan (SOFAZ) plans to finish 2013 with a budget surplus even though it was projected for a deficit, SOFAZ executive director Shahmar Movsumov said on Monday while discussing the draft state and consolidated budgets of Azerbaijan for 2014 at an expanded meeting of the five parliamentary committees.

According to Movsumov, this would allow the fund to increase its assets by $1 billion.

The revenue side of the SOFAZ budget was approved for the current year at $11.482.04 billion manat, while expenses are at 13.403.099 billion manat.

"The SOFAZ budget for 2014 was formed with a surplus of 336 million manat," Movsumov added.

SOFAZ income for 2014 is projected at 11.626 billion manat, while expenses stand at 11.291 billion manat.

As of October 1, SOFAZ assets increased by 4.9 per cent compared to early 2013 ($34.129.4 billion) and amounted to $35.809.2 billion.

The official exchange rate is 0.7844 AZN/USD on Nov. 5.