SOFAZ unveils budget revenues, expenditures
BAKU, Azerbaijan, Feb. 28
By Nargiz Ismayilova - Trend:
Last year, the budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 19 billion manat ($11.1 billion), SOFAZ Executive Director Israfil Mammadov told Trend.
Budget expenditures of SOFAZ last year amounted to 11.6 billion manat ($6.8 billion), Mammadov noted.
Revenues from the implementation of oil and gas agreements stood at 15.4 billion manat ($9 billion), said the executive director.
“Revenues from the implementation of oil and gas agreements include sale of profitable oil and gas - 14.6 billion manat ($8.5 billion), bonus payments - 766.4 million manat ($450.8 million), rent for contract areas - 4.7 million manat ($2.7 million), transit income - 18.9 million manat ($11.1 million),” Mammadov added.
Due to the difference in exchange rates, off-budget revenues of SOFAZ amounted to 731.7 million manat ($430.4 million), said the executive director.
Mammadov noted that 19.1 percent of total revenues accounted for the management of the fund’s assets (3.6 billion manat, or $2.1 billion). The annual return on the investment portfolio was 5.3 percent, the executive director added.
The fund’s expenditures included transfers to the state budget - 11.4 billion manat ($6.7 billion), arrangement and improvement of the social status of families of refugees and internally displaced persons - 200 million manat ($117.6 million), expenditures on SOFAZ management - 24.3 million manat ($14.2 million).
($1= 1.7 manat on Feb. 28)