In quarter 1, 2016 assets of the Oil Fund suddenly increased

By April 1, 2016 assets of the State Oil Fund (SOFAZ) increased by 2% against early year ($33.57 billion) and totaled $34.25 billion.

SOFAZ’s incomes totaled 2.02 billion AZN, while costs – 1.95 billion AZN.

In quarter 1, 2016 SOFAZ’s incomes from the rate difference totaled 354.1 million AZN.

During this period incomes from implementation of oil and gas contracts totaled 1,874 billion AZN, of which incomes from sale of profitable oil and gas – 1,869 billion AZN and incomes from transit operations – 4.4 million AZN. SOFAZ’s incomes from management of its own funds totaled 148.8 million AZN during this period.

Transfers from the SOFAZ to the state budget totaled 1.66 billion AZN. 26.5 million AZN has been spent for the needs of refugees and internally displaced people, 6.3 million AZN to fund reconstruction of the Samur-Absheron irrigation system, 5million AZN to train Azerbaijani students abroad and 2.4 million AZN for construction of the Baku-Tbilisi-Kars railway. During quarter 1, 2016 costs for the Fund management totaled 4.6 million AZN.

In quarter 1, 2016 SOFAZ’s costs to fund share of the government in the Southern Gas Corridor, which was created within the framework of TANAP and TAP to export Azerbaijani gas to Europe, totaled 241.9 million AZN.-0—