SOFAZ Revenue and Expenditure Statement for January-June 2014

Budget revenues of the State Oil Fund of the Republic of Azerbaijan  (SOFAZ) for the period of January-June, 2014 reached 6 493.6 mln. manats, while budget expenditures constituted 5 163.1 mln. manats.

Revenue of 6 374.8 mln. manats was received from the implementation of oil and gas agreements, including 6 355.4 mln. manats from the sale of profit oil and gas, 4.4 mln. manats as transit payments, 13.3 mln. manats as bonus payments and 1.7 mln. manats as acreage fees.

The revenues from managing assets of the Fund for January-June 2014 amounted to 118.8 mln. manats.

As per 2014 budget of the Fund, 4 883.8 mln. manats were transferred to the state budget. The expenditures in the amount of 177.3 mln. manats were directed to financing the improvement of socio-economic conditions of refugees and internally displaced persons. 11.0 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system, 19.6 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 5.2 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". Fund directed 40.0 mln. manats to financing of shares belonging to the state in the joint-stock company established for management of the projects within the second phase of the Shah-Deniz gas and condensate field's development, expansion of the South Caucasus Pipeline, TANAP and TAP. The Fund's administrative and operational expenses for the reporting period were 26.2 mln. manats.

The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 6.5 mln. manats. SOFAZ’s extra-budgetary revenues related to price changes of gold amounted to 78.1 mln. manats while extra-budgetary expenses related to price changes of USD, EURO, GBP and other currencies totalled 71.6 million manats. 

The assets of SOFAZ as of July 1, 2014 has grown by 4.86% compared to the beginning of 2014 (USD 35 877.5 mln.) and stood at USD 37 622.4 mln.

Starting from 2012 the Oil Fund has begun purchase of gold and the amount of gold as of July 1, 2014 was 30 tons 175 kg (970 146 ounces).

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