Assets of Oil Fund of Azerbaijan increased to $39bn

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Assets of the State Oil Fund of Azerbaijan (SOFAZ) as of October 1, 2018 increased by 8.88% to $ 38 billion 987.7 million, the Fund said.

The revenues of the Fund in January-September 2018 amounted to 14 billion 437.2 million manat, and the expenses – 8 billion 5.9 million manat. In the income structure of the Fund, revenues from the sale of profitable oil and gas of Azerbaijan in January-September amounted to 12 billion 658.1 million manat, transit revenues – 14.2 million manat, and bonus payments – 765.2 million manat. Revenues from managing the funds of the Fund for the reporting period amounted to 995.6 million manat ($585.6 million).

The Fund’s extrabudgetary expenses on exchange difference amounted to 968.7 million manat. In the structure of the Fund’s expenditures in January-September 2018, the largest part fell on transfers to the state budget – 7 billion 788 million manat.

In addition, expenditures on improving the living conditions of IDPs amounted to 138.6 million manat, reconstruction of the Samur-Absheron irrigation system – 41.7 million manat, construction of the Baku-Tbilisi Kars railway – 16.7 million manat, financing the state program on training Azerbaijani youth abroad for the period 2007-2015 – 5 million manat, and administrative costs for managing the Fund – 15.9 million manat.

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