In 2015 budgetary incomes of the State Oil Fund of Azerbaijan (SOFAZ) totaled $7,721,100 AZN ($7.4 billion), while budget expenditures –$9,187,700 AZN ($8.8 billion), reported SOFAZ.
In 2014 incomes of the Fund totaled 12,731,000 AZN ($16.23 billion), while expenses – 10,117,200 AZN ($12,898 billion).
In 2015 the reduction ofthe Fund’s expenses totaled $4.1 billion or 32%.
By January 1, 2016 assets of SOFAZ totaled $33,574,100 million. During a year the Fund’s assets dropped by 9.5%.
By January 1, 2016 SOFAZ’s assets totaled $37,104,100.
Expert Rovshan Agayev told Caspian Barrel that for the first time since 2003 when spending of the Fund’s money has started “we have seen that SOFAZ is going to have budet deficit.” He added that during a year the Oil Fund’s asstes dropped by $3.53 billion and the Fund’s deficit totaled $1.4 billion. In order to cover the deficit and technical losses (at the currency market), the Fund was forced to return part of the foreign funds.
Table of Oil Fund’s incomes
| 2015
(million AZN) |
2014
(million AZN) |
|
| From implementation of oil and gas contracts | 7 385,5 | 12 343,8 |
| From sale of profitavle oil and gas | 7 369,6 | 12 319,8 |
| Per-acre fees | 2,2 | 1,7 |
| Bonuses | 2,1 | 13,3 |
| From transit operations | 11,6 | 8,9 |
| From management of Fund’s resources | 335,6 | 13,3 |
Table of Oil Fund’s expenses
| 2015
(million AZN) |
2014
(million AZN) |
|
| Transfers to state budget | 8 130,0 | 9 337,0 |
| For improvement of living conditons of refugees and internally displaced people | 150,0 | 300,0 |
| To fund reconstruction of the Samur-Absheron irrigation system | 90,0 | 80,2 |
| To fund construction of the Baku-Tbilisi-Kars railway | 61,5 | 57,1 |
| To train Azerbaijani students abroad from 2007 to 2015 | 35,5 | 33,5 |
| To fund Southern Gas Corridor project | 692,8 | 40 |
| Construction of Star oil refinery in Turkey | – | 223,5 |
| Costs for Fund management | 27,9 | 45,9 |
