Assets of Azerbaijan’s state oil fund increase
Baku, Azerbaijan, July 17
By Maksim Tsurkov – Trend:
As of July 1, 2017, assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by 4.96 percent as compared to early 2017 ($33.147 billion) and totaled $34.79 billion, SOFAZ said in a message July 17.
Revenues of SOFAZ’s budget amounted to 6.127 billion Azerbaijani manats, and expenditures totaled 5.534 billion manats in 1Q17.
The Fund’s revenues from the implementation of oil and gas contracts totaled nearly 5.45 billion manats in 1H17. Meanwhile, the revenues from the sale of profit oil and gas reached 5.443 billion manats, bonus payments – 2.4 million manats, transit revenues – 9.7 million manats.
The revenues from managing assets of the Fund amounted to 668.4 million manats, while the extra-budgetary expenditures related to the revaluation of foreign exchange totaled 98.4 million manats in 1H17.
SOFAZ transferred 2.991 billion manats to the state budget. Expenditures in the amount of 56.4 million manats were directed to finance the improvement of social-economic condition of refugees and internally displaced persons, 21.5 million manats were used for the reconstruction of the Samur-Absheron irrigation system.
Meanwhile, 4.7 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”.
SOFAZ’s administrative and operational expenses totaled 9.2 million manats in 1H17.
(1.7022 manats = $1 on July 17)
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