SOFAZ Reports on January-September

In January-September the assets of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 34 billion 738.1 million (minus 6.38% to the beginning of the year).

According to the report, its revenues were at the level of 5 billion 543.4 million at a cost of 6 billion 397.1 million manats.

The income includes proceeds from the sale of profit oil and gas (5 billion 479,500,000), transit revenues - 8.4 million, bonus payments - 2.1 million and acre payments - 2.2 million manats. The revenues from managing assets of the Fund amounted to 51.2 million manats.

Traditionally, the most popular item of expenditure became transfers to the state budget - 5 billion 650 million manats. Among other major projects funded there will be the Southern Gas Corridor - 489.3 million, improvement of living conditions of refugees - 130.4 million manats, reconstruction of the Samur-Absheron irrigation system - 67.8 million manats, construction of the railway Baku-Tbilisi Kars - 22 6 million manats. In addition, the money spent on the financing of the state program on education of Azerbaijani youth abroad - 16.8 million manats and administrative expenses for fund management - 20.2 million manats.

SOFAZ budget revenues associated with changes in foreign currency amounted to 7 billion 828.3 million manats. --17D-