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State Oil Fund of Azerbaijan posts assets at $10.864 billion

27 April 2009 14:34 (UTC +04:00)

Shahmar Movsumov, Executive Director of SOFAZ, told a press conference the Fundâ€™s budget revenues for January-March, 2009 reached 1 349.2 million manats and budget expenditures 1 398.7 mln. manats.

Revenue of 1 274.5 mln. manats was received from implementation of oil and gas agreements, including 1 272.2 mln. manats from the sale of profit oil, 2.1 mln. manats as transit payments, 0.1 mln. manats from State share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline and 0.1 mln. from sale of assets received from foreign companies.

The revenues from managing assets of the Fund for the reporting period amounted to 74.7 mln. manats.

As per 2009 budget of the Fund, 1 330.0 mln. manats were transferred to the state budget. The expenditures in the amount of 8.4 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 46.3 mln. manats and 11.3 mln. manats were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing construction of the Oghuz-Gabala-Baku water supply system.

0.4 mln. manats were directed to financing Baku-Tbilisi-Kars railway and 1.1 mln. manats to financing â€œThe state program on the education of Azerbaijan youth abroad in the years 2007-2015â€.

The Fundâ€™s administrative and operational expenses in this period were 1.2 mln. manats.

The Fundâ€™s extra-budgetary expenditures related to the revaluation of foreign exchange totalled 215.8 mln. manats.

In addition, SOFAZâ€™s investment portfolio reached USD 10 512.94 million. Of this, 54.57% was held in the US dollar, 40.15% in the euro, 5.28%\% in the pound sterling and 3.23% in the manat.

38.72% of the investment portfolio is in sovereign bonds, 46.18% in agencies and international institutionsâ€™ bonds, 6.19% in deposits and market instruments, 6.03% in financial bonds and 1.8% in corporate bonds.