Azerbaijan`s State Oil Fund assets top $32.6bn
Baku, July 24 (AZERTAC). In the first half of 2012, the budget revenues of the State Oil Fund of Azerbaijan made AZN 7,391,900,000 and expenses-AZN 4,878,100,000.
Chief executive of the State Oil Fund of Azerbaijan Shahmar Movsumov said that in the reporting period the revenues from the implementation of oil and gas contracts made AZN 7,099,800,000, including AZN 7,091,400,000 from the sale of profit oil and gas.
As of 1 July, the transit revenues made 3.8m. The fund received AZN 2,8m from the acre payments by the fund, and bonuses in the amount of AZN 1.6m, while AZN 0.2m from the commissioning of assets to local and foreign investors.
The fund received AZN 292,100,000 from asset management.
The SOFAZ transfers to the state budget made AZN 4,592,300,000 in January-June.
AZN 162,500,000 has been allocated for measures to resettle refugees and IDPs and improve their living conditions, AZN 67,000,000 to the reconstruction of the Samur-Absheron channel, AZN 37,000,000 the Baku-Tbilisi-Ceyhan railway communication project.
AZN 5,000,000 has been allocated within the State Programme of Education of Azerbaijani students abroad for 2007-2015.
The costs for the fund management made AZN 14,300,000 in six months.
The off-budget expenses from the gap in currency rate made AZN 289,300,000.
As of 1 July 2012, the SOFAZ assets grew 9.6% to early 2012 ($29,800,000) and reached $32,666,000,000.
State Oil Fund of Azerbaijan has purchased 800 mln Turkish liras (approximately AZN 400 mln) and invested in short-term deposits of Turkish local banks.
SOFAZ says business visits were carried out to Turkey and meetings with state and financial organizations were held.
State Oil Fund of Azerbaijan intends to invest in real estate such as office located in the central cities of Europe and Asia.
SOFAz says the employees visited to London, Paris, Roma, Moscow and Istanbul and held meetings with different real estate companies.
At the same time, different real estate objects in the cities of other countries such as Singapore, Malaysia and Indonesia are considered.
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