SOFAZ’s extra budgetary expenses reached to $ 1.24 billion US

SOFAZ’s extra budgetary expenses reached to $ 1.24 billion US

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2014 reached 10.13 billion manats ($12.99 billion US), while budget expenditures constituted 8.04 billion manats ($ 10.30 billion US).

Revenue of 9.97 billion manats ($ 12.78 billion US) was received from the implementation of oil and gas agreements, including 9.95 billion manats ($ 12.76 billion US) from the sale of profit oil and gas, 6.8 million manats ($ 8.7 million US) as transit payments, 13.3 million manats ($ 17.05 million US) as bonus payments and 1.7 million manats ($ 2.18 million US) as acreage fees.

The revenues from managing assets of the Fund for January-September, 2014 amounted to 162.3 million manats ($ 208.07 million US).

As per 2014 budget of the Fund, 7.399 billion manats ($ 9.49 billion US) were transferred to the state budget. The expenditures in the amount of 254.2 million manats ($ 325.89 million US) were directed to financing the improvement of socio-economic conditions of refugees and internally displaced persons.

Fund directed 40.0 million manats ($ 51.28 million US) 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 million manats ($ 286.54 million US) to financing the construction of “STAR” oil refinery complex. Fund’s administrative and operational expenses for the reporting period constituted 33.5 million manats ($ 42.95 million US).

The Fund’s extra-budgetary expenses related to the revaluation of foreign exchange totalled 962.7 million manats ($ 1.234 billion US). SOFAZ’s extra-budgetary revenues related to price changes of gold amounted to 3.7 million manats ($ 4.74 millon US), while extra-budgetary expenses related to price changes of USD, EURO, GBP and other currencies totalled 966.4 million manats ($ 1.239 billion US).

The assets of SOFAZ as of October 1, 2014 has grown by 3.98% compared to the beginning of 2014 ($ 35.878 billion US.) and stood at $ 37.305 billion US.

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