Next year the State Oil Fund of Azerbaijan (SOFAZ) will transfer a record amount to the state budget. According to the forecast, in 2015 it is expected to be 10,388,000,000 AZN, up 11.2% against this year. According to the government, this will ensure 53.4% revenues of the state budget of Azerbaijan.
From 2016 to 2018 the Finance Ministry expects a gradual reduction of this index to 10,148,000,000 AZN, 9,637,000,000 and 9,149,000,000 AZN. As a rule, in May and June President issues a decree to allot additional funds to cover the budget deficit or to fund additional projects.
The Oil Fund of Azerbaijan accumulates incomes from implementation of the oil contracts, in particular, from sale of profitable oil of the state, fees for oil and gas transit through the country, rent of state property and etc.
By October 1, 2014 assets of the Oil Fund totaled $37,305,000,000.