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 revenue – AZN 3,352,400,000 – came from oil and gas agreements.

Of this sum, AZN 3,349,400,000 came from the sale of profit oil and gas, while AZN 1.3m from transit payments, AZN 1.6m from bonus payments and AZN 0.1m from the sale of assets received from foreign companies.

Revenue from managing the fund’s assets was AZN 234.5m.

The fund had extra-budgetary revenue from foreign exchange differences of AZN 336.1m.

In line with the fund’s budget for 2012, AZN 1,839.8m were transferred to the state budget.

In addition, the fund’s direct expenditure was:

AZN 48.7m on improving living conditions for refugees and internally displaced persons

AZN 20.8m on reconstruction of the Samur-Absheron irrigation system

AZN 3.7m on the State Program for the Education of Azerbaijan Youth Abroad in 2007-2015

AZN 4.8m on construction of the Baku-Tbilisi-Kars railway

SOFAZ’s administrative and operational expenses were AZN 2.1m during the first quarter.


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