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Oil Fund’s assets rise almost by 5% up to $35.118 bn for 1st half of 2016

Oil Fund’s assets rise almost by 5% up to $35.118 bn for 1st half of 2016
20.07.2016

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The assets of the State oil Fund of Azerbaijan (SOFAZ) increased by 4.6% for the first half of 2016.

According to the Fund, its assets for the reported period grew from $33.57 bn up to $35.117 bn.

SOFAZ revenue was estimated at AZN 3.99 bn and expenditures at AZN 2.256 bn.

The basis of revenue for the past half-year included revenue within the PSA contracts (AZN 3.689 bn), including AZN 3.68 bn from the sale of oil and gas and AZN 8.8 million from transit fees. The revenues from Fund’s managing assets amounted to about AZN 301.5 million.

The basis of SOFAZ expenditures consisted of transfer to the State Budget for AZN 1.76 bn, financing for Southern Gas Corridor for AZN 241.9 million, construction of Star refinery in Turkey for AZN 127 bn. Extra-budgetary expenditures of SOFAZ from foreign exchange were estimated at AZN 65.4 million.


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