SOFAZ extra-budgetary expenditures exceed AZN 1.6 bln due to difference in instability of exchange rates

SOFAZ extra-budgetary expenditures exceed AZN 1.6 bln due to difference in instability of exchange rates
# 09 February 2015 09:00 (UTC +04:00)

Baku. Yegane Lachnzade - APA-Economics. Throughout 2014, State Oil Fund of Azerbaijan’s budget incomes made AZN 12.731 bln, budget expenditures – AZN 10,117,200,000.

SOFAZ told APA-Economics that its incomes regarding oil and gas contracts stood at AZN 12,319,800,000, as well as, oil and gas sale – at AZN 12,319,800,000, ACR account payments – at AN 1.7 mln, transit incomes – AZN 8.9 mln, bonus payments –AZN 13.3 mln, assets handed over by foreign investors – AZN 0.1 mln.

Revenues from fund management were equal to AZN 387.2 mln.

In the reporting period, AZN 9.337 bln was transferred to the state budget, AZN 300 mln to improvement of social and living conditions of refugees and IDPs, AZN 80.2 mln to reconstruction of Samur-Absheron irrigation canal, AZN 57.1 mln to financing of Baku-Tbilisi-Kars railway, AZN 33.5 mln to “State Program on study of Azerbaijani youth in abroad for 2007-2015”, AZN 223.5 mln to construction of Star Oil Refinery, AZN 40 mln to Southern Gas Corridor. Expenditures for Fund’s management amounted to AZN 45.9 mln.

Extra-budgetary expenditures regarding difference in instability of exchange rates exceeded AZN 1.6 bln.

As of January 1, 2015, the assets stood at AZN 37,104.1 mln, up 3.42% from 2014.

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