Assets of Azerbaijan’s state oil fund reach $33.2B

Tue 18 April 2017 12:53 GMT | 16:53 Local Time

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As of April 1, 2017, assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by 0.18 percent and amounted to $33.207 billion, as compared to early 2017 ($33.147 billion), SOFAZ Executive Director Shahmar Movsumov said at a press conference in Baku Apr. 18.

According to him, revenue of 2,899.1 mln. manats was received from implementation of oil and gas agreements, including 2,894.4 mln. manats from the sale of profit oil and gas, 0.1 mln. manats as bonus payments, and 4.6 mln. manats as transit payments.

The revenues from managing assets of the Fund for January-March 2017 amounted to 373.4 mln. manats.

“As per 2017 budget of the Fund, 1.525 bln. manats were transferred to the state budget. The expenditures in the amount of 27.8 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 8.5 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 1.3 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 20 mln. manats were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". 2,279 mln. manats were transferred to Central Bank of Azerbaijan for ensuring of macroeconomic stability. The Fund's administrative and operational expenses for the reporting period were 3.9 mln. manats. Fund’s extra-budgetary revenues arising from difference of exchange rates amounted to 873.9 million”, Movsumov said.

The assets of SOFAZ as of April 1, 2017 have increased by 0.18% compared to the beginning of 2017 (USD 33,147 mln.) and stood at USD 33,207.2 mln. 

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