Azerbaijan Oil Fund`s assets increase by 33%

Baku, July 25 (AZERTAC). The assets of Azerbaijan`s State Oil Fund (SOFAZ) increased by one-third in the first six months of the year to reach $30.358bn on 1 July.

The fund`s budget revenue in January to June was AZN 7,827.2 million while budget expenditure was AZN 2,593.1m.

Revenue of AZN 7,692.2m during the reporting period came from the implementation of oil and gas agreements: AZN 7,518.1m came from from the sale of profit oil and gas; AZN 101.7m from price differences in Stage I of the Shah Deniz project; AZN 66.8m from dividends from the Azerbaijani state`s share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline; AZN 3.8m from transit payments; AZN 1.2m from acreage payments and AZN 0.6m from the sale of assets received from foreign companies.

Revenues from the management of SOFAZ assets were AZN 135m during the reporting period.

The fund had extra-budgetary revenues of AZN 482.4m from the revaluation of foreign exchange.

As set out in SOFAZ budget for 2011, the fund transferred AZN 2.461bn to the Azerbaijani state budget.

Some of these funds were spent as follows: AZN 47.2m on improving conditions for refugees and internally displaced persons; AZN 64.1m and 2.3m on the reconstruction of the Samur-Absheron irrigation system and construction of the Oguz-Gabala-Baku water supply system respectively; AZN 4.6m on the State Program for the Education of Azerbaijan Youth Abroad in 2007-2015; and AZN 9.3m on the Baku-Tbilisi-Kars railway.

SOFAZ`s administrative and operational expenses in the reporting period were AZN 4.6m.