Assets of Azerbaijani State Oil Fund exceed $37 billion

Assets of Azerbaijani State Oil Fund exceed $37 billion

Baku, Azerbaijan, July 21
By Emil Ismayilov - Trend:

The revenues of the State Oil Fund of Azerbaijan amounted to 6,493.6 million AZN and expenses - 5,163.1 million AZN in the first half of 2014, the fund reported.

The revenues from the implementation of oil and gas contracts stood at 6,374.8 million AZN, including the sale of profitable oil and gas - at the level of 6,335.4 million AZN during the reported period. The fund`s income from transit operations amounted to 4.4 million AZN. The fund implemented bonus payments in the amount of 13.3 million AZN in January-June. The contributions from payments acreage payment amounted to 1.7 million AZN in the first half of the year.

The income of the fund from the management of own funds amounted to 118.8 million AZN during the reported period.

Extra budgetary revenues of the oil fund from currency exchange amounted to 6.5 million AZN and from the changes in the value of gold - 78.1 million AZN in the first half of the year.

The fund started buying of gold from the first quarter of 2012, and, as of July 1, 2014, the weight of purchased gold totalled 30,175 tons (970,146 ounces).

The expenses for the improvement of social conditions of refugees and internally displaced persons amounted to 177.3 million AZN in the structure of the expenditures SOFAZ, financing the project of reconstruction of the Samur-Absheron irrigation system cost 11 million AZN, the report said.

Transfers to the state budget amounted to 4,883.8 million AZN. Some 5.2 million AZN were spent for education of the Azerbaijani students abroad in the framework of the state program for 2007-2015. Also, some 19.6 million AZN were spent to finance construction of a new Baku-Tbilisi-Kars railway. The fund`s expenditures to finance the share of the state's participation in the joint stock company established under the project TANAP and TAP to ensure the supply of Azerbaijani gas to Europe amounted to 40 million AZN in the first half of the year. The expenditures of the fund from the operations of currency conversion amounted to 71.6 million AZN in January-June.

Costs of fund` s management amounted to 26.2 million AZN.

As of July 1, 2014, SOFAZ assets amounted to $37 622.4 million by increasing 4.86 percent compared to early 2014 ($35 877.5 million)

SOFAZ was established in 1999, and its assets at that time amounted to $271 million.
Based on SOFAZ's regulations, its funds may be used for the 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 the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

The official exchange rate on July 22 is 0.7843 AZN/USD.

Edited by CN

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