SOFAZ’s assets reach $ 26 bln

SOFAZ’s assets reach $ 26 bln
# 19 April 2011 13:59 (UTC +04:00)
SOFAZ’s incomes from implementation of oil and gas contracts made AZN 3,197.6 mln, including profit oil and gas sale - AZN 3,077.6 mln, price differ on Shahdeniz I – AZN 101.7 mln, dividends on Baku-Ceyhan pipeline – AZN 16.3 mln, transit income – AZN 1.7 mln, assets turned over by foreign investors – AZN 0.3 mln.

According to him, SOFAZ transferred AZN 1,330 mln to the state budget. Besides, AZN 20.1 mln was spent to implementation of projects on improvement of social conditions and dwelling of internally displaced and refugee families, AZN 39 mln and AZN 2.3 mln - for financing of projects on reconstruction of Samur-Absheron irrigation system and construction of water pipe from Oguz-Gabala zone to Baku, AZN 3.3 mln - to State Program on education of Azerbaijani youths in foreign countries during 2007-2015, AZN 2.2 mln – to Baku-Tbilisi-Kars new railway project.

Note that, expenditure on management of SOFAZ made AZN 2.7 mln.

Fund’s extra-budgetary income related to differ of changing of currency rates made AZN 423.4 mln.
Thus, as of April 1, 2011, fund’s assets rose 13.3% to $ 25,796.9 mln. According to Movsumov, the assets are expected to reach $ 30 bln by the end of this year.

He also noted that the fund’s received means exceeded $ 50 bln.

At the same time, fund’s incomes exceeded the forecast due to being of average oil price higher than its budget price. He also noted that, the actual incomes and expenditures exceeded the 30% and 20% of annual forecast.

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