Assets of the State Oil Fund of the Azerbaijan Republic (SOFAR) increased over the first six months of 2013 by $ 549 million or 1.6% to $ 34,678.4 million.The budet revenues of the Fund decreased compared to the same period last year by 9.9% to $ 6,726.4 million manat, and expenses increased by 18.7% to 5791.2 million manat.
According to the Fund, the main part is the icome receioved from the implementatio of the oil and gas contracts - 6488.7 million manats, including the sale of profit oil and gas - 6482.8 million manats. Transit payments - 3.9 million manat, bonus payments - 0.3 million manat, and income from assets transferred to foreign companies - 0.04 million manat.
Income from the management of Fund assests over six months of the year amounted to 237.7 million manat, which is by 18.6% less compared to January-June 2012.
During the reporting period, SOFAR financed measures to improve the social and living conditions of refugees and internally displaced persons worth 157.5 million manat, the project of reconstruction of the Samur-Absheron irrigation system AZN 74 million. Expenditure on training of students abroad by the state program for 2007-2015 in the period equaled 6.3 million manat. To finance the railway project "Baku-Tbilisi-Kars" were spent 2.9 million manat. Transfers to the state budget amounted to 5534.6 million manat. The costs associated with managing the oil fund equaled 15.9 million manats.
Since the first quarter of last year, the fund began investing in gold, as a result, as of July 1, 2013 it were purchased 22399 kg. (720,146 ounces) of gold.
Extra-budgetary expenses from revaluation of foreign currency assets of the Fund for the reporting period amounted to 521.6 million manat. --15B--
Economics
-
The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
-
Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
-
Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
-
Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
Leave a review