Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in 2013 reached 13,600.5 million manats, while budget expenditures constituted 12,302.7 million manats, SOFAZ said in its statement released on January 28.
According to SOFAZ, revenue of 13,119.9 million manats was received from implementation of oil and gas agreements, including 13,108 million manats from the sale of profit oil and gas, 1.8 million manats as acreage fees, 8.1 million manats as transit payments, 1.9 million manats as bonus payments and 0.1 million manats from the sale of assets received from foreign companies.
The revenues from managing assets of the Fund in 2013 amounted to 480.6 million manats.
The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 43 million manats.
As per 2013 budget of the Fund, 11 350.0 million manats were transferred to the state budget. The expenditures in the amount of 300 million manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 173.9 million manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 25.7 million manats were directed to financing Baku-Tbilisi-Kars railway construction and 33 million manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". 372.6 million manats were allocated for financing the construction of "STAR" Oil Refinery Complex in Turkey. The Fund's administrative and operational expenses for the reporting period were 47.5 million manats.
The assets of SOFAZ as of January 1, 2014 has grown by 5.1% compared to the beginning of 2013 ($ 34,129.4 million) and stood at $ 35,877.5 million
Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of purchased gold as of January 1, 2014 was 30 tons 175 kg (970 146 ounces).
SOFAZ was established in 1999 and at the time its assets amounted to $271 million.
Based on SOFAZ's regulations, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
SOFAZ's main purposes include accumulation of funds and placement of its assets abroad to minimise the negative impact on the economy and prevent 'Dutch disease', to ensure savings for future generations and to maintain the current socio-economic standards of Azerbaijan.