TODAY.AZ / Business

SOFAZ assets top $36 bln

20 May 2014 [15:00] - TODAY.AZ
The budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-March, 2014 reached 3,005.0 million manats, while budget expenditures constituted 2,443.3 million manats, according to a message from the SOFAZ.

Revenue of 3,006.8 mln. manats was received from the implementation of oil and gas agreements, including 2,991.2 mln. manats from the sale of profit oil and gas, 2.3 mln. manats as transit payments, 13.3 mln. manats as bonus payments.

As per January-March 2014 budget of the fund, 2,342.6 mln. manats were transferred to the state budget.

The expenditures in the amount of 70.1 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 5.6 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system.

Some 5.1 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 3.0 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". The fund's administrative and operational expenses for the reporting period were 16.9 mln. manats.

"The fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 10.1 million manats. SOFAZ's extra-budgetary revenues related to price changes of gold amounted to 60.8 million manats while extra-budgetary expenses related to price changes of USD, EURO, GBP and other currencies totalled 50.7 million manats," SOFAZ said.

The assets of SOFAZ as of April 1, 2014 has grown by 2.07 percent compared to early 2014 ($35,877.5 mln.) and stood at $36,618.4 mln.

Starting from the first quarter of 2012, the Oil Fund has begun purchase of gold and the amount of purchased gold as of April 1, 2014 was 30 tons 175 kg (970,146 ounces).

SOFAZ was established in 1999 with assets of $271 million.

Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main purposes of the fund are the accumulation of funds and the placement of these fund's assets abroad to minimize negative trends in the economy by preventing 'Dutch disease'.

This ensures savings for future generations and the continuity of the country's current socio-economic standard.


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