ECONOMY


SOFAZ budget revenues reach AZN 9 410.2 million in 2016

Baku, February 14, AZERTAC

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-December, 2016 reached 9 410.2 million manats, while budget expenditures constituted 9 022.1 million manats.

Revenue of 8 341.4 mln. manats was received from implementation of oil and gas agreements, including 8 320.0 mln. manatss from the sale of profit oil and gas, 0.1 mln. manats as bonus payments, 18.0 mln. manats as transit payments and 3.3 mln. manats as acreage payments.

The revenues from managing assets of the Fund for January-December 2016 amounted to 1 068.8 mln. manats.

The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 5 705.7 mln. manats.

As per 2016 budget of the Fund, 7 615.0 mln. manats were transferred to the state budget. The expenditures in the amount of 90 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 70.0 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 66.2 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 31.6 mln. manats were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". 797.4 mln. manats were directed to financing of the “Southern Gas Corridor” project and 331.8 million manats for financing of the share of the Republic of Azerbaijan in the construction of “STAR” Oil Refinery Complex. The Fund's administrative and operational expenses for the reporting period were 20.1 mln. manats.

The assets of SOFAZ as of January 1, 2017 have decreased by 1.27% compared to the beginning of 2016 (USD 33 574.1 mln.) and stood at USD 33 147 mln. Even though the revenues exceeded the expenses, depreciation of Euro, British pound, Turkish Lira and Chinese yuan against the US dollar resulted in the decline of SOFAZ assets.

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