In 2014 Oil Fund’s incomes dropped by $1.1 billion

In 2014 incomes of the State Oil Fund of Azerbaijan (SOFAZ) totaled 12,731,000,000 AZN, while costs – 10,117,200,000 AZN, reads the statement of SOFAZ.

            Oil Fund’s incomes decreased by 869.5 million AZN ($1.1 billion), while costs by 2,185,500,000 AZN ($2.79 billion) against 2013.

            During this period incomes from implementation of oil and gas contracts totaled 12,343,800 AZN (13,119,900 AZN in 2013), including 12,319,800 AZN (13,108,000 AZN) from sale of profitable oil and gas. The Fund’s incomes from the transit operations totaled 8.9 million AZN. Last year the bonus payments to the Oil Fund totaled 13.3 million AZN. In 2014 earnings from the per-acre payments totaled 1.7 million AZN, while income from sale of assets handed over by the foreign investors totaled 0.1 million AZN.

            During this period incomes from management of the Fund’s resources totaled 387.2 million AZN (480.6 million AZN). The Oil Fund’s extra-budgetary costs from the currency difference totaled 1,611,900 AZN (43 million AZN).

            SOFAZ’s costs for improvement of living conditions of refugees and internally displaced people totaled 300 million AZN and for funding the reconstruction of the Samur-Absheron irrigation system – 80.2 million AZN.

            SOFAZ’s transfers to the state budget totaled 9,337,000 AZN (11,350,000 AZN). The Fund has spent 33.5 million AZN (33 million AZN) for training of Azerbaijani students abroad within the framework of the state program from 2007 to 2015. 57.1 million AZN has been spent to fund construction of a new railway Baku-Tbilisi-Kars (25.7 million AZN). Last year the Fund’s costs for funding share of the state in the Southern Gas Corridor created as a part of trans-Anadolu (TANAP) and Trans-Adriatic (TAP) gas pipeline projects to ensure delivery of Azerbaijani gas to Europe totaled 40 million AZN and 223.5 million AZN has been allocated for construction of STAR oil refinery. Last year the costs for the Fund’s management totaled 45.9 million AZN (47.5 million AZN).

            By January 1, 2015 SOFAZ’s assets increased by 3.42% against early 2014 ($35,877,500) and totaled $37,104,100.