SOFAR revenues decreased by 5.6%

Assets of the State Oil Fund of Azerbaijan Republic (SOFAR) increased in the first half of 2012 by $ 2,866 million or 9.6% to $ 32,666 million fund. The budget revenues decreased compared with the corresponding period last year by 5.6% to 7,391.9 million manat, while the expenses increased by 88.1% to 4,878.1 million manat.

    As the executive director of the Fund, Shahmar Movsumov said at a press conference on the results of the first half of 2012, the bulk of revenues in SOFAR for the period amounted to the income received in connection with the sale of oil contracts - 7,099.8 million manat, including the sale of profit oil - 7,091.4 million manat. Transit benefits made up 3.8 million manat, bonus payments were 1.6 million manat, and income from assets transferred to foreign companies was 0.2 million manat.

    Income from the Fund's asset management amounted to 292.1 million manat, up by 2.2 times, compared to the comparable period in 2011.

    During the reported period, SOFAR financed measures to improve social and living conditions of refugees and displaced persons worth 162.5 million manat and the reconstruction of the Samur-Apsheron irrigation system - 67 million manat. Expenditure on training young people abroad on the government program for 2007-2015 during the reported period was equal to 5 million manat. To finance the railway project Baku-Tbilisi-Kars they spent 37 million manat. Transfers to the state budget amounted to 4,592.3 million manat.

    The Fund began investing in gold. As a result, as of July 1 this year, they bought 6,847 kilograms (220,146 ounces) of gold. - 15B -