SOFAZ sees increase in budget revenues

Oil&Gas Materials 21 October 2021 17:44 (UTC +04:00)
SOFAZ sees increase in budget revenues

BAKU, Azerbaijan, Oct.21

By Leman Zeynalova – Trend:

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September 2021 reached 10 444.5 million manat, while budget expenditures constituted 7 328.2 million manat, as compared to 6 593.1 million manat and 9 046.3 million manat, respectively, Trend reports with reference to SOFAZ.

The revenues from managing SOFAZ’s assets for January-September 2021 amounted to 2 266.3 million manat, as compared to 358.0 million manat.

As per 2021 budget of the Fund, 7 309.7 million manat were transferred to the state budget and 3.4 million manat were allocated to the “State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-2023” during January-September, 2021.

SOFAZ’s administrative and operational expenses for the reporting period totalled 15.1 million manat.

SOFAZ’s extra-budgetary expenditures related to the foreign exchange movements amounted to manat 1 990.6 million.

As of 30 September, 2021, the value of SOFAZ`s assets under management amounted to $44 226.4 million, increasing by 1.5 percent compared to the start of the year (USD 43 564.3 million).

The increase was mainly due to SOFAZ’s budget revenue and managing assets. During the current period each asset class positively contributed to the overall investment portfolio return, while the equity investments returns were significantly higher compared to other assets classes.


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