SOFAZ announces H1 statement on revenue and expenditure

 SOFAZ announces H1 statement on revenue and expenditure
# 23 July 2015 15:08 (UTC +04:00)

Baku. Agshin Rafigoglu – APA-Economics. Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2015 reached 4 054. 0 mln. manats, while budget expenditures constituted 4 042.1 mln. manats.

Revenue of 3 812.1 mln. manats was received from the implementation of oil and gas agreements, including 3 802.1 mln. manats from the sale of profit oil and gas, 5.7 mln. manats as transit payments, 2.1 mln. manats as bonus payments and 2.2 mln. manats as acreage fees.

The revenues from managing assets of the Fund for January-June 2015 amounted to 241.9 mln. manats.

The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 8 013.4 mln. manats.

As per 2015 budget of the Fund, 3 561.6 mln. manats were transferred to the state budget. The expenditures in the amount of 89.8 mln. manats were directed to financing the improvement of socio-economic conditions of refugees and internally displaced persons. 46.5 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system, 17.2 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 5.9 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". 307.4 mln. manats were directed to financing the “Southern Gas Corridor” project. Fund's administrative and operational expenses for the reporting period were 13.7 mln. manats.

The assets of SOFAZ as of July 1, 2015 have dropped by 3.56% compared to the beginning of 2015 (USD 37 104.1 mln.) and stood at USD 35 783.3 mln. Decrease of assets since the beginning of the year is due to the revaluation of foreign exchange.

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