Baku – APA-Economics. Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2016 reached 3,991.0 million manat, while budget expenditures constituted 2,256.7 million manat, said a statement from SOFAZ July 18.
Revenue of 3,689.5 million manat was received from implementation of oil and gas agreements, including 3,680.6 million manat from the sale of profit oil and gas, 0.1 million manat as bonus payments and 8.8 million manat as transit payments.
The revenues from the management of the assets during the first six month of 2016 amounted to 301.5 million manat.
As per SOFAZ’s 2016 budget, 1,760.0 million manat were transferred to the state budget. The expenditures in the amount of 55.2 million manat were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 19.6 million manat were used for financing the reconstruction of the Samur-Absheron irrigation system. 35.3 million manat were directed to financing Baku-Tbilisi-Kars railway construction and 9.2 million manat were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". 241.9 million manat were directed to financing the “Southern Gas Corridor” and 127.0 million manat for financing of the share of the Republic of Azerbaijan in the construction of “STAR” Oil Refinery Complex. The Fund's administrative and operational expenses for the reporting period were 8.5 million manat.
The Fund's extra-budgetary expenses related to the revaluation of foreign exchange totaled to 65.4 million manat.
The assets of SOFAZ as of July 1, 2016 have increased by 4.6% compared to the beginning of 2016 (USD 33,574.1 million) and stood at USD 35,117.9 million.