SOFAR expenditures next year will be reduced by 2 billion, compared with this year

Placement of currency would bring the State Oil Fund of Azerbaijan (SOFAR) next year 380 million AZN ($ 480 million).

As told reporters when discussing the parliamentary committees draft budget for 2014 on Monday the Executive Director Shahmar Movsumov, the overall revenue of SOFAR is projected at 11 billion 627 million manat and the expenses - 11 billion 291 million manats with surplus to 336 million manat.

The official said that while the current budget is a surplus despite last year's forecasts. The reason for that is the favorable price situation on the world oil markets. As a result, the budget of the fund will be increased, which will affect the growth of assets (+ $ 1 billion).

For the record - as of October 1, 2013 SOFAR assets were $ 35 billion 809.2 million; the revenue for 2013 was approved at the level of 11 billion 482 million 40.4 million manat, and the expenses - 13 billion 403 million 99.4 thousand manats.

The fund accumulates revenues from oil contracts, in particular from the sale of profit oil by the state, transit tariffs for the transportation of oil and gas across the country, the rental of state property, etc. - 17D-


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