Azerbaijani Oil Fund’s Revenue was Declined by 2.5 times

Azerbaijani Oil Fund’s Revenue was Declined by 2.5 times

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) reached 5 543.4 mln. manats ($ 5,279 billion US), while budget expenditures constituted 6 397.1 mln. manats ($ 6,093 billion US) in the first 9 months of 2015. Reminded here that Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2014 was 10 131.9 mln. manats ($ 12,989 billion US), while budget expenditures constituted 8 041.2 mln. manats ($10,309 billion US). Those figures show also that SOFAZ’s revenue was declined by 2.5 times.

Revenue of 5 492.2 mln. manats was received from the implementation of oil and gas agreements, including 5 479.5 mln. manats from the sale of profit oil and gas, 2.2 mln. manats as acreage fees, 2.1 mln. manats as bonus payments and 8.4 mln. manats as transit payments.

The revenues from managing assets of the Fund for January-September 2015 amounted to 51.2 mln. manats.

The Fund’s extra-budgetary revenues related to the revaluation of foreign exchange totalled 7 828.3 mln. manats.
As per 2015 budget of the Fund, 5 650.0 mln. manats were transferred to the state budget. The expenditures in the amount of 130.4 mln. manats were directed to financing the improvement of socio-economic conditions of refugees and internally displaced persons. 67.8 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system, 22.6 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 16.8 mln. manats were directed to financing “The state program on the education of Azerbaijan youth abroad in the years 2007-2015”. 489.3 mln. manats were directed to financing the “Southern Gas Corridor” project. Fund’s administrative and operational expenses for the reporting period were 20.2 mln. manats.

The assets of SOFAZ as of October 1, 2015 have dropped by 6.38% compared to the beginning of 2015 ($ 37,104 billion US.) and stood at $ 34,738 billion US.

For comparison, the assets of SOFAZ was $ 37,305 billion US as of October 1, 2014. That confirms that SOFAZ’s activities was dropped by 8.1 % during last year.

© CESD, 2015

Leave A Comment