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Assets of State Oil Fund Increased by 0.55%

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As of October 1, 2017, the assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by $ 2.873 billion, or 8.7%, to $ 36.02 billion, as compared to the beginning of the year.

In comparison with the same period last year, SOFAZ assets grew by $ 198 million or 0.55%.

According to the press service of SOFAZ, the revenues of the Oil Fund in January-September 2017 amounted to 8.793 billion manat, and the expenses were 6,911.7 billion manat.

Over the reporting period, SOFAZ’s revenues from the implementation of oil and gas contracts amounted to 7,976.7 million manat, including revenues from the sale of profitable oil and gas – 7,957.8 million manat, bonus payments of 2.4 million manat, transit revenues of 12.9 million manat, and acreage payments – 3.6 million manat.

SOFAZ’s revenues from managing its own assets for January-September amounted to 816.7 million manat, and off-budget revenues of the Fund from the exchange rate difference for the first nine months were 582.4 million manat.

Transfers to the state budget amounted to 4.3 billion manat. Expenses for measures to improve the social status of refugees and IDPs amounted to 82.5 million manat, financing of the reconstruction project of the Samur-Absheron irrigation system was 39.5 million manat, financing the implementation of the state program for 2007-2015 to train Azerbaijani students abroad was 11.2 million manat, and transfers to the Central Bank of Azerbaijan in order to ensure macroeconomic stability of the country amounted to 2.448 billion manat.

The expenses for managing the Fund in January-September amounted to 13 million manat.

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