Income from Asset Management at SOFAR Decreased Almost 30%

Assets of the State Oil Fund of the Azerbaijan Republic (SOFAR) increased during the first nine months of 2013 to $ 1679.8 million or 4.9 % to $ 35,809.2 million fund budget revenues increased compared with the corresponding period last year by 0.1 % to 10,086 million manat, and expenses increased by 16.1 % to 8746.7 million manat.

As stated in the fund, the bulk of its income for the period amounted to income received in connection with the sale of oil and gas contracts - 9774.8 million manats , including the sale of profit oil and gas - 9766.8 million manats. Transit fees - AZN 6 million , bonus payments - 0.3 million manat, and income from assets transferred to foreign companies - 0.06 million manat.

Income from asset management fund for the three quarters amounted to 311.2 million manat, which is 29.3 % less compared to January - September 2012.

During the reporting period SOFAR financed measures to improve the social and living conditions of refugees and internally displaced persons worth 249.3 million manat , the project of reconstruction of the Samur- Absheron irrigation system 106.4 million manat. Expenditure on training students abroad by the state program for 2007-2015 in the period equaled 12.4 million manat. To finance the railway project" Baku -Tbilisi -Kars " was directed by 10.9 million manat. Transfers to the state budget amounted to 8339.9 million manat. The costs associated with managing the oil fund equaled 27.8 million manats.

Since the first quarter of last year, the fund began investing in gold, as a result, as of October 1, 2013 it was purchased 26,442.5 kg (850,146 ounces) of gold.

Extra-budgetary expenses from revaluation of foreign currency assets of the Fund for the reporting period amounted to 38.7 million manat. - 15B -