SOFAZ budget revenues reach AZN 3 272.5 million in first quarter of 2017

Baku, April 18, AZERTAC

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-March, 2017 reached 3 272.5 million manats, while budget expenditures constituted 3 847.5 million manats.

Revenue of 2 899.1 mln. manats was received from implementation of oil and gas agreements, including 2 894.4 mln. manats from the sale of profit oil and gas, 0.1 mln. manats as bonus payments and 4.6 mln. manats as transit payments.

The revenues from managing assets of the Fund for January-March 2017 amounted to 373.4 mln. manats.

As per 2017 budget of the Fund, 1 525.0 mln. manats were transferred to the state budget. The expenditures in the amount of 27.8 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 8.5 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 1.3 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 2.0 mln. manats were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". 2 279.0 mln. manats were transferred to Central Bank of the Republic of Azerbaijan for preserving macroeconomic stability. The Fund's administrative and operational expenses for the reporting period were 3.9 mln. manats.

The Fund's extra-budgetary expenditures related to the revaluation of foreign exchange totalled 873.9 mln. manats.

The assets of SOFAZ as of April 1, 2017 have increasedby 0.18 % compared to the beginning of 2017 (USD 33 147 mln.) and stood at USD 33 207.2 mln. The increase was mainly due to a sizeable positive effect of changes in exchange rates of investment portfolio currencies (mainly Euro, Russian ruble and Pound sterling), as well as the impact of asset appreciation (specifically, equity and gold portfolios).

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