Baku, April 16 (AZERTAC). Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in the first quarter of 2013 reached AZN 3.523 billion, while budget expenditures constituted AZN 2.929 billion.

According to SOFAZ, AZN 3.413 billion of this amount was received from execution of oil and gas agreements, including AZN 3.410 billion from the sale of profit oil and gas, AZN 2.1 million from transit payments and AZN 0.01 million from sale of assets received from foreign companies.

The revenues from managing assets of the Fund for the reporting period amounted to AZN 110.4 million. Bonus payments in the first quarter amounted to AZN 0.2 million.

The expenditures in the amount of AZN 49.3 million were spent on financing of improvement of social condition of refugees and internally displaced persons, AZN 27.2 million were used for financing the reconstruction of the Samur-Absheron irrigation system.

Some AZN 2.840 billion were transferred to the state budget. AZN 3.8 million was directed to financing 'The state program on the education of Azerbaijani youth abroad in the years 2007-2015', while AZN 1.1 million were directed to financing construction of the Baku-Tbilisi-Kars railway. The Fund's administrative and operational expenses in this period were AZN 7.8 million.

Fund's expenses due to exchange rate differences in January-March amounted to AZN 446.8 million.

The assets of SOFAZ as of April 1, 2013, have grown by 0.6 percent compared to early 2013 ($34.129 billion) and stood at $34.325 billion.

Starting from the first quarter of 2012, the Oil Fund has begun the purchase of gold and the amount of purchased gold as of April 1, 2013 was 18 tons 356 kg (590,146 ounces).

SOFAZ was established in 1999 when its assets amounted to $271 million.

Under the policy of SOFAZ, the funds may be used for construction and reconstruction of strategically important infrastructure projects, as well as for settlement of important national issues. In 2001-2009, special attention was focused on the development of both the oil sector, and the infrastructure of the non-oil sector of the country as well. At present, SOFAZ funds a number of strategic projects in the field of irrigation and transport.

The main purposes of the fund are the accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy preventing a 'Dutch syndrome', to ensure savings for future generations and to maintain the current socio-economic standard in the country.