SOFAZ announces revenue and expenditure statement for January-March 2018

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Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-March, 2018 reached 4 424.2 million manats, while budget expenditures constituted 2 344.2 million manats.

Revenue of 4 303.3 mln. manats was received from implementation of oil and gas agreements, including 3 533.0 mln. manats from the sale of profit oil and gas, 765.2 mln. manats as bonus payments and 5.1 mln. manats as transit payments.

The revenues from managing SOFAZ’s assets for January-March 2018 amounted to 120.9 mln. manats.

The Fund’s extra-budgetary revenues related to the revaluation of foreign exchange totalled 779.9 mln. manats.

As per 2018 budget of the Fund, 2 299.0 mln. manats were transferred to the state budget. The expenditures in the amount of 30.3 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 8.1 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 1.4 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 0.5 mln. manats were directed to financing “The state program on the education of Azerbaijani youth abroad in the years 2007-2015”. The Fund’s administrative and operational expenses for the reporting period were 4.9 mln. manats.

The assets of SOFAZ as of April 1, 2018 have increased by 5.1% compared to the beginning of 2018 (USD 35 806.5 mln.) and stood at USD 37 631.7 mln. The increase was mainly due to SOFAZ budget revenues, asset management activity and exchange rate effect of investment portfolio currencies.



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