The assets of the State Oil Fund of Azerbaijan (SOFAZ) in 2020 increased by 0.56% or by $ 241 million – to $ 43 billion 564.3 million
According to the press service of SOFAZ, despite the fact that the fund’s expenses exceeded its revenues due to the fall in oil prices, assets increased due to off-budget revenues and income from asset management.
In particular, the total amount of off-budget and administrative revenues for 2020 was $ 3.2 billion.
SOFAZ’s revenues for 2020 amounted to 9 billion 360.8 million manats ($ 5 billion 506.3 million). At the same time, the fund’s revenues from the sale of profitable oil and gas amounted to 6 billion 587.3 million manats, transit revenues – 20.4 million manats, bonus payments – 767.8 million manats, and per-acre payments – 6.7 million manats.
Income from asset management of the fund for the reporting period amounted to 1 billion 978.6 million manats ($ 1 billion 163.9 million) or 21.2% of all SOFAZ revenues.
SOFAZ’s extra-budgetary revenues received from the exchange rate difference in 2020 amounted to 3 billion 473.9 million manats ($ 2 billion 43.5 million).
In general, the Fund’s expenses in 2020 amounted to 12 billion 425.3 million manats ($ 7 billion 309 million).
In the structure of the fund’s expenditures, transfers to the state budget amounted to 12 billion 200 million manats, expenditures for improving the living conditions of refugees – 200 million manats, for financing the State Program to improve the international competitiveness of the higher education system in Azerbaijan for 2019-2023 – 4.1 million manats, administrative expenses for fund management – 21.2 million manats.