Azeri state oil fund’s assets grow 4% through Sept

The State Oil Fund of Azerbaijan (SOFAZ) issued the following statement in English:

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2014 reached 10 131.9 mln. manats, while budget expenditures constituted 8 041.2 mln. manats.

Revenue of 9 969.6 mln. manats was received from the implementation of oil and gas agreements, including 9 947.8 mln. manats from the sale of profit oil and gas, 6.8 mln. manats as transit payments, 13.3 mln. manats as bonus payments and 1.7 mln. manats as acreage fees.

The revenues from managing assets of the Fund for January-September, 2014 amounted to 162.3 mln. manats. 

As per 2014 budget of the Fund, 7 399.7 mln. manats were transferred to the state budget. The expenditures in the amount of 254.2 mln. manats were directed to financing the improvement of socio-economic conditions of refugees and internally displaced persons. 24.8 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system, 47.5 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 18.0 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". Fund directed 40.0 mln. manats to financing of shares belonging to the state in the joint-stock company established for management of the projects within the second phase of the Shah-Deniz gas and condensate field's development, expansion of the South Caucasus Pipeline, TANAP and TAP and 223.5 mln. manats to financing the construction of “STAR” oil refinery complex.  Fund's administrative and operational expenses for the reporting period constituted 33.5 mln. manats.

The Fund's extra-budgetary expenses related to the revaluation of foreign exchange totalled 962.7 mln. manats. SOFAZ’s extra-budgetary revenues related to price changes of gold amounted to 3.7 mln. manats, while extra-budgetary expenses related to price changes of USD, EURO, GBP and other currencies totalled 966.4 million manats. 

The assets of SOFAZ as of October 1, 2014 has grown by 3.98% compared to the beginning of 2014 (USD 35 877.5 mln.) and stood at USD 37 305.3 mln.

Bakudaily.Az