In 2016 State Oil Fund Expects Revenue of $ 5.8 Billion

According to forecasts of the State Oil Fund of Azerbaijan (SOFAZ) for 2016, the Fund’s general revenues are expected to reach $ 5.8 billion. This is 2.07 times more than the budget forecast figures for the previous year.

This large difference is due to the fact that the budget of the State Oil Fund for 2016 was drawn up at the rate of $ 25 per barrel. However, over the past year the weighted average price of a barrel of Azeri oil sold was 41.7 dollars (including net income – Turan IA). As a result, the general Fund revenues are expected at about $ 5.8 billion.

 However, depending on exchange differences included in the investment portfolio, the Fund's assets denominated in US dollars may increase or decrease.

Note that the peak period of the revenue of the Oil Fund of Azerbaijan was the year 2011 - $ 19.99 billion. In 2014, the Fund's revenues decreased to $ 16.23 billion, and in 2015, the figure was $ 7.67 billion.

* As of October 1, 2016 SOFAZ assets amounted to $ 35,822.1 million. Of this amount, $ 1,872.5 million was in AZN. -12B--