Oil Fund revenues decreased by 1.8%

Assets of the State Oil Fund of the Azerbaijan Republic (SOFAR) increased in the first quarter of 2013 to $ 196.3 million or 0.6% to AZN 32,359.4 million fund budget revenues decreased compared to the corresponding period last year by 1.8% to 3523.4 million manats, while expenses rose by 52.6% to 2929.6 million manat.

As the press service of the fund, the bulk of revenues in the SOFAR for the period amounted to income received in connection with the sale of oil contracts - 3,413 mln manats, including the sale of profit oil and gas - 3310.7 million manats. Transit payments - 2.1 million manat, bonus payments - 0.2 million manat, and income from assets transferred to foreign companies - 0.01 million manat.

Income from asset management fund in January-March amounted to 110.4 million manat, decreasing by more than two times compared to the same period in 2012.

During the reporting period SOFAR financed measures to improve the social and living conditions of refugees and internally displaced persons worth 49.3 million manat, the project of reconstruction of the Samur-Absheron irrigation system 27.2 million manat. Expenditure on training students abroad by the state program for 2007-2015 in the period equaled 3.8 million manat. To finance the railway project "Baku-Tbilisi-Kars" was directed by 1.1 million manat. Transfers to the state budget amounted to 2840.4 million manat. The costs associated with managing the oil fund equaled 7.8 million manats.

Since the first quarter of last year, the fund began investing in gold, as a result, as of April 1, 2013 was bought by 18356 kg (590,146 ounces) of gold.

Extra-budgetary expenses from revaluation of foreign currency assets of the Fund for the reporting period amounted to 446.8 million manat. - 15B -