CASPIAN OIL & GAS - SOFAZ reveals its income and outlays

SOFAZ reveals its income and outlays


The assets of Azerbaijan’s state oil fund increased by 4.6 percent and amounted to $35.1 billion in July 2016 compared to $33.57 billion in early 2016, the Fund reported.

The income of the Fund in the first half of the year totaled 4 billion manats ($ 2.5 billion) while expenditures amounted to 2.256 billion manats ($ 1.44 billion).

The revenues acquired from the realization of oil and gas contracts in the reported period amounted to 3.689 billion manats ($ 2.36 billion) including an income of 3.68 billion manats ($ 2.3 billion) received from the sale of profitable oil and gas. Revenues from transit operations and bonus payments totaled 8.8 million and 0.1 million manats ($5.6 and $0.06 million) respectively.

The revenues acquired from the management of the assets amounted to 301.5 million manats ($ 193.2 million).

Transfers to the state budget amounted to 1.76 billion manats ($ 1.12 billion ) while expenditures on improvement of social and living conditions of IDP amounted to 55.2 million manats ($ 35.3 million).

Some 19.6 million manats ($ 12.5 million) were directed to finance the reconstruction of the Samur-Absheron irrigation system while 9.2 million manats ($ 5.8 million) was allocated to financing the state program on the education of Azerbaijani youth abroad for the period 2007-2015. As much as 35.3 million manats ($ 22.6 million) was directed to financing Baku-Tbilisi-Kars railway construction while expenditures on the financing the share of state in the Southern Gas Corridor joint-stock company established as part of TANAP and TAP projects to ensure Azerbaijani gas supply to Europe amounted to 241.9 million manats ($ 155.0 million) in the reported period. Some 127 million manats ($ 81.4 million) was allocated for the construction of the STAR refinery complex.

SOFAZ was established in 1999 with assets of $271 million. The funds of the entity may be used for the construction and reconstruction of strategically important infrastructural objects as well as for tackling national problems.