Baku, February 8, AZERTAC

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the year 2017 amounted to 12.137.5 million manats, while budget expenditures constituted 11. 015.5 million manats.

Revenue of 11.053.9. million manats was received from implementation of oil and gas agreements, including 11.30.0 million manats from the sale of profit oil and gas, 2.4 mln. manats as bonus payments, 17.9 mln. manats as transit payments and 3.6 mln. manats as acreage payments.

The revenues from managing assets of the Fund for January-December 2017 amounted to 1 083.6 million manats.

The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totaled 876.2 mln. manats.

As per 2017 budget of the Fund, 6.100.0 mln. manats were transferred to the state budget. The expenditures in the amount of 105 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 70 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 20.5 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 17 mln. manats were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". 3.949.5 mln. manats was transferred to the Central Bank of the Republic of Azerbaijan to provide macroeconomic stability. 735.4 million manats were directed 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 18.1 mln. manats.

The assets of SOFAZ as of January 1, 2018 have decreased by 8.02% compared to the beginning of 2017 (USD 33 147.0 mln.) and reached USD 35.806.5 mln.

According to specialists, the increase in assists caused by the exchange rate fluctuation of fund's budget revenues, including revenues from managing assets and currency composition of the investment portfolio.