Azerbaijani Oil Fund’s reserves have declined by 5.9 %

Azerbaijani Oil Fund’s reserves have declined by 5.9 % The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) have dropped by 5.86% compared to the beginning of 2015 from $ 37,104 billion US. to $ 34, 930 billion US. Budget revenues of the SOFAZ reached 2,028 billion manat ($ 1, 932 billion US with new rate) , while budget expenditures constituted 2,336 billion manat ($ 2,225 billion US with new rate) in the first quarter of 2015.... Read More

$ 2,2 billion deficit in SOFAZ budget

$ 2,2 billion deficit in SOFAZ budget Revenue of State Oil Fund of Azerbaijan (SOFAZ) is forecasted at AZN 11,82 billion ($ 15,12 billion) since expenditure will be AZN 13, 59 billion ($ 17,32 billion) in 2013. SOFAZ will face budget deficit which will be AZN 1,78 billion ($ 2,22 billion) next year. Meanwhile Ministry of Finance reports SOFAZ will spend AZN 2,149 billion ($ 2,755 billion) on investment projects in 2013.  SOFAZ transfers to the... Read More

SOFAZ assets reached $32 billion

SOFAZ assets reached $32 billion The State Oil Fund of Azerbaijan (SOFAZ) had assets of $32,359.4m as of 1 April, 8.6% up on 1 January 2012, when they were $29.8bn. In the first quarter of 2012, SOFAZ received budget revenue of AZN 3,586,900,000 ($4.57bn) and spent AZN 1,919,900,000 ($2.44bn), APAreports. The Oil Fund, which began to purchase gold during the reporting period, now has 2.804 tonnes of gold (90,143 ounces). The bulk of the fund’s... Read More