Finance

Home page

Finance

SOFAZ earns $100 mln from changing of currency rates this year

22 October 2012 13:00 (UTC +04:00)

Revenue of 9 636.0 mln. manats was received from implementation of oil and gas agreements, including 9 625.7 mln. manats from the sale of profit oil and gas, 5.7 mln. manats as transit payments, 1.6 mln. manats as bonus payments, 2.8 mln. manats as acreage fees and 0.2 mln. manats from sale of assets received from foreign companies.

The revenues from managing assets of the Fund for the reporting period amounted to 440.4 mln. manats.

The Fund’s extra-budgetary revenues related to the revaluation of foreign exchange totaled 79.3 mln. manats.

As per 2012 budget of the Fund, 7 038.4 mln. manats were transferred to the state budget. The expenditures in the amount of 251.1 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 115.1 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 97.0 mln. manats were directed to financing Baku-Tbilisi-Kars railway and 8.3 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". The Fund’s administrative and operational expenses in this period were 21.1 mln. manats.

The assets of SOFAZ as of October 1, 2012 has grown by 11.4 % compared to the beginning of 2012 (USD 29 800.0 mln.) and stood at USD 33 192.4 mln.

Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of gold as of October 1, 2012 was 10 tons 891 kg (350 146 ounces).