SOFAZ gets 15% rise in assets in 2012

SOFAZ gets 15% rise in assets in 2012
# 21 January 2013 14:56 (UTC +04:00)

According to APA-Economics, revenue of 13,130.1 mln. manats was received from implementation of oil and gas agreements, including 13,117.4 mln. manats from the sale of profit oil and gas, 7.9 mln. manats as transit payments, 1.6 mln. manats as bonus payments, 3.0 mln. manats as acreage payments and 0.2 mln. manats from sale of assets received from foreign companies.

The revenues from managing assets of the Fund for the reporting period amounted to 543.6 mln. manats.

The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totaled 253.8 million manats.

As per 2012 budget of the Fund, 9,905.0 mln. manats were transferred to the state budget. The expenditures in the amount of 300.0 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 200.0 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 119.0 mln. manats were directed to financing Baku-Tbilisi-Kars railway and 20.0 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 in this period were 29.6 mln. manats.

The assets of SOFAZ as at January 1, 2013 has grown by 14.5% compared to the beginning of 2012 (USD 29 800.0 mln.) and stood at USD 34 129.4 mln.

Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of gold as of January 1, 2013 was 14 tons 934 kg (480 146 ounces).

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