Assets of Azerbaijan’s state oil fund reach $33.2B (PHOTO) (UPDATE)

Oil&Gas Materials 18 April 2017 15:44 (UTC +04:00)

Details added (first version posted on 14:41)

Baku, Azerbaijan, Apr. 18

By Maksim Tsurkov – Trend:

As of April 1, 2017, assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by 0.18 percent and amounted to $33.207 billion, as compared to early 2017 ($33.147 billion), SOFAZ Executive Director Shahmar Movsumov said at a press conference in Baku Apr. 18.

“The increase was mainly due to a sizeable positive effect of changes in exchange rates of investment portfolio currencies (mainly Euro, Russian ruble and British pound), as well as the impact of asset appreciation (specifically, equity and gold portfolios),” said Movsumov.

Budget revenues of SOFAZ reached 3.273 billion manats, while budget expenditures constituted 3.848 billion manats in January-March 2017. SOFAZ’s revenues of 2,899.1 million manats were received from implementation of oil and gas agreements, including 2.894 billion manats from the sale of profit oil and gas, 0.1 million manats as bonus payments and 4.6 million manats as transit payments.

The revenues from managing assets of the Fund amounted to 373.4 million manats, while the extra-budgetary expenditures related to the revaluation of foreign exchange totaled 873.9 million manats in January-March 2017.

As per 2017 budget of SOFAZ, 1.525 billion manats were transferred to the state budget. Expenditures in the amount of 27.8 million manats were directed to finance the improvement of social-economic condition of refugees and internally displaced persons, 8.5 million manats were used for the reconstruction of the Samur-Absheron irrigation system. Meanwhile, 1.3 million manats were used to finance the Baku-Tbilisi-Kars (BTK) railway construction and two million manats were directed to finance “The State Program on the Education of Azerbaijani youth abroad in the years of 2007-2015”.

Moreover, 2.279 billion manats were transferred to Central Bank of Azerbaijan (CBA) in order to ensure the country’s macroeconomic stability. SOFAZ’s administrative and operational expenses totaled 3.9 million manats in January-March 2017.