SOFAZ assets up by 8% in 2017

SOFAZ assets up by 8% in 2017

Baku, Azerbaijan, Feb.8

By Leman Zeynalova – Trend:

The assets of Azerbaijan’s State Oil Fund (SOFAZ) as of January 1, 2018 have increased by 8.02 percent compared to the beginning of 2017 ($33.147 billion) and stood at $35.806 billion, said a message from SOFAZ.

“The increase was mainly due to SOFAZ budget revenues, asset management activity and exchange rate effect of investment portfolio currencies,” said the message.

Revenues of 11 053.9 million manats were received from implementation of oil and gas agreements, including 11.03 billion manats from the sale of profit oil and gas, 23.9 million manats from transit operations, 2.4 million manats as bonus payments, 3.6 million manats as acreage payments and 17.9 million manats as transit payments.

The revenues from managing assets of the Fund for January-December 2017 amounted to 1 083.6 million manats, while its extra-budgetary revenues related to the revaluation of foreign exchange totaled 876.2 million manats.

As per 2017, budget of the Fund, 6.1 billion manats were transferred to the state budget. The expenditures in the amount of 105 million manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 70 million manats were used for financing the reconstruction of the Samur-Absheron irrigation system.

Moreover, 20.5 million manats were directed to financing Baku-Tbilisi-Kars railway construction and 17 million manats were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015".

As much as 3 949.5 million manats were transferred to Central Bank of Azerbaijan for preserving macroeconomic stability and 735.4 million manats for financing of the share of Azerbaijan in the construction of STAR Oil Refinery Complex.

The Fund's administrative and operational expenses for the reporting period were 18.1 million manats.

Budget revenues of the State Oil Fund of (SOFAZ) for the period of January-December, 2017 reached 12 137.5 million manats, while budget expenditures constituted 11 015.5 million manats, said a message from SOFAZ.

---

Follow the author on Twitter: @Lyaman_Zeyn

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