Assets of SOFAZ exceed $40 billion

Baku, April 26, AZERTAC

Celebrating its 20th anniversary this year, the assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), established as a result of the foresighted decision of national leader Heydar Aliyev, have increased to over $40 billion for the first time in its history. The growth of SOFAZ's assets demonstrates the successful implementation of a policy aimed at achieving a sustainable long-term economic growth, through significant socio-economic reforms pursued by President Ilham Aliyev.

Budget revenues of SOFAZ for the period of January-March, 2019, reached 5 960.7 million manats, while budget expenditures 2 640.7 million manats.

Revenue of 4 605.0 mln. manats was received from implementation of oil and gas agreements, including 3 833.5 mln. manats from the sale of profit oil and gas, 766.4 mln. manats as bonus payments and 5.1 mln. manats as transit payments.

The revenues from managing SOFAZ’s assets for January-March, 2019, amounted to 1 355.7 mln. manats.

As per 2019 budget of the Fund, 2 615.0 mln. manats were transferred to the state budget. The expenditures in the amount of 19.7 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons. SOFAZ’s administrative and operational expenses for the reporting period were 6.0 mln. manats.

SOFAZ's extra-budgetary expenditures related to the revaluation of foreign exchange totaled 332.0 mln. manats.

The assets of SOFAZ as of March 31, 2019, have increased by 4.56% compared to the beginning of 2019 (USD 38 515.2 mln.) and stood at USD 40 273.3 mln. The increase was mainly due to SOFAZ budget revenues and asset management activity.

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