Last year SOFAR Transfers to State Budget Amounted to 9 Billion 337 Million Manat

The assets of the State Oil Fund of Azerbaijan (SOFAR) reported January 1 amounted to $37 billion 104,100,000 (+ 3.42% per year). According to the report, its revenues last year amounted to 12 billion 731 million manat at a cost of 10 billion 117,200,000 manat.

The proceeds from the sale of profit oil and gas amounted to 12 billion 319,800,000 manat, transit revenues - 8.9 million manat, bonus payments - 13.3 million manat, acre payments - 1.7 million manat, and income from assets transferred by foreign investors - 0.1 million. manat. The revenues from managing assets of the Fund for 2014 amounted to 387.2 million manat. In the expenses of the Fund for the reporting year the largest share fell on transfers to the state budget - 9 billion 337 million manat.

In addition, the cost of improving the living conditions of refugees amounted to 300 million manat, reconstruction of the Samur-Absheron irrigation system - 80.2 million manat, construction of the Baku-Tbilisi Kars railway - 57.1 million manat, construction of the Star refinery in Turkey - 223.5 million manat, the project Southern Gas Corridor - 40 million manat, financing the State Program on education of Azerbaijani youth abroad in 2007-2015 - 33.5 million AZN, and administrative expenses for the Fund management - 45.9 million manat.

SOFAR budget revenues related to the revaluation of foreign currency assets amounted to 611.9 million manat.

Recall that in the Oil Fund of Azerbaijan accumulates revenues from the sale of oil and gas contracts, in particular from the sale of profit oil and gas by the state, transit tariffs for transportation of oil and gas across the country, the lease of state property, etc.

The Oil Fund releases an account of its income and expenses on a quarterly basis. --17D-