Report of the Oil Fund has revealed huge spending on budget execution

By October 1, the assets of the State Oil Fund of Azerbaijan (SOFAR) amounted to $ 37 305 300 000 (+ 3.98% at the beginning of the year), and could be more.

According to the report on the results of three fiscal quarters, the largest part of fund expenses (8 041 200 000 manat) accounted for transfers to the state budget - 7 399 700 000 manat.

In addition, the cost of improving the living conditions of refugees amounted to 254.2 million manat, reconstruction of the Samur-Absheron irrigation system - 24.8 million manat, for the construction of the Baku-Tbilisi-Kars - 47.5 million manat, training Azerbaijani students abroad - 18 million manat, to finance the purchase of shares of state-owned JSC CanubQazDehlizi (Southern Corridor) - 40 million manat.

Also, over the past 9 months to build the Star refinery in Turkey there was directed 223,500,000 manat, for administrative costs for the Fund management - 33.5 million manat, the rest - for other purposes.

Extrabudgetary fund expenses related to changes in the exchange rate amounted to 962.7 million manat, of which 966.4 million manat fell to losses from changes in exchange rates (dollar, euro, British pound sterling), and 3.7 million manat - a change in the price of gold.

Total revenues for the Fund by 1 October were at 10 131 900 000 manat. Most of them (9 969 600 000 manat) - proceeds from the sale of oil and gas contracts, including the sale of profit oil and gas (9 647 800 000 AZN), transit revenues - 6.8 million AZN, bonus payments - 13.3 million manat, acre payments - 1.7 million manat. Revenues from the management of the fund in the period amounted to 162.3 million manat.

In SOFAR, established in 1999, there is accumulated income from the sale of oil contracts, in particular from the sale of profit oil state, transit tariffs for the transportation of oil and gas in the country, from the lease of state property, etc. The Fund is an account of their income and expenses on a quarterly basis. --17D-

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