Assets of State Oil Fund of Azerbaijan for First Time Exceed $40 Bn

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Assets of the State Oil Fund of Azerbaijan (SOFAZ) in the first quarter of 2019 increased by 4.56% to $ 40 billion 273.3 million, the Fund says.

“The growth of assets took place at the expense of higher incomes of the Fund, including at the expense of revenues from the management of the funds of SOFAZ,” the report says.

The revenues of SOFAZ in the first quarter of 2019 amounted to 5 billion 960.7 million manat, and the expenses – 2 billion 640.7 million manat.

In the income structure, revenues from the sale of profitable oil and gas of Azerbaijan in the first quarter amounted to 3 billion 833.5 million manat, transit income – 5.1 million manat, bonus payments – 766.4 million manat.

Revenues from managing funds for the reporting period amounted to 1 billion 355.7 million manat.

In the structure of the Fund’s expenditures in January-March 2019, the largest part was accounted for transfers to the state budget – 2 billion 615 million manat.

In addition, expenditures on improving the living conditions of refugees amounted to 19.7 million manat, and administrative costs for managing the Fund – 6 million manat. Extrabudgetary income and expenses from exchange rate differences amounted to 332 million manat.