SOFAR income decreases by 9.9%, while the increase in costs of 18.7%

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--