BAKU, Azerbaijan, July 18. The assets of Azerbaijan's State Oil Fund (SOFAZ) as of June 30, 2023, have increased by 12 percent, compared to the beginning of the year ($49.033 billion) and reached $54.915 billion, Trend reports.
According to SOFAZ officials, the fund's income from January through June 2023 amounted to nearly 11.7 billion manat ($6.8 billion), while expenses stood at 2.6 billion manat ($1.5 billion).
In terms of expenditure structure, transfers to the state budget amounted to 2.6 billion manat ($1.5 billion), funding for the State Program to enhance the international competitiveness of the higher education system in Azerbaijan for 2019-2023 was 5.2 million manat ($3 billion), and funding for the State Program for the education of youth in prestigious foreign universities for 2022-2026 was 3.6 million manat ($2.1 billion).
"In the reporting period, SOFAZ income related to the implementation of oil and gas agreements amounted to 8.6 billion manat ($5 billion), including revenue from oil and gas sales at 7.8 billion manat ($4.5 billion), bonus payments at 765.3 million manat ($450.1 million), transit revenue at 0.8 million manat ($0.4 million), and acreage payments at 3.6 million manat ($2.1 million)," the fund stated.
The income generated from managing the fund's assets amounts to over 3 billion manat ($1.7 billion), and SOFAZ's non-budget income from exchange rate fluctuations amounted to 977.6 million manat ($575 million).
SOFAZ was established in 1999, and at that time, its assets amounted to $271 million.
According to the provisions of the State Oil Fund, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for addressing important national issues.
The main objectives of SOFAZ are to accumulate funds and invest the fund's assets abroad to minimize the negative impact on the economy, accumulate resources for future generations, and support ongoing socio-economic processes in the country.