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SOFAz increases assets by 33%

25 July 2011 11:34 (UTC +04:00)

Baku - APA-Economics. Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2011 reached 7827.2 million manats, while budget expenditures constituted 2593.1 mln. manats.

Revenue of 7692.2 mln. manats for the period of January-June, 2011 was received from implementation of oil and gas agreements, including 7518.1 mln. manats from the sale of profit oil and gas, 101.7 mln. manats from difference in price from the phase I of Shah Deniz, 66.8 mln. manats from dividends on Azerbaijan’s State participation share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline, 3.8 mln. manats as transit payments, 1.2 mln. manats as acreage payments and 0.6 mln. manats from sale of assets received from foreign companies.

The revenues from managing assets of the Fund for the reporting period amounted to 135.0 mln. manats.

The Fund’s extra-budgetary revenues related to the revaluation of foreign exchange totalled 482.4 million manats.

As per execution of 2011 Fundâ€™s budget 2 461.0 mln. manats were transferred to the state budget. The expenditures in the amount of 47.2 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 64.1 mln. manats and 2.3 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. 4.6 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". 9.3 mln. manats were directed to financing Baku-Tbilisi-Kars railway.

The Fund’s administrative and operational expenses for current period were 4.6 mln. manats.

The assets of SOFAZ as at July 1, 2011 has grown by 33.3 % compared to the beginning of 2011 (USD 22 766.8 mln.) and stood at USD 30 357.5 mln.