SOFAZ Revenue and Expenditure Statement for January-September 2013

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2013 reached 10 086.0 million manats, while budget expenditures constituted 8 746.7 million manats.

Revenue of 9 774.8 mln. manats was received from implementation of oil and gas agreements, including 9 766.8 mln. manats from the sale of profit oil and gas, 1.7 mln. manats as acreage fees, 6.0 mln. manats as transit payments, 0.3 mln. manats as bonus payments and 0.06 mln. manats from the sale of assets received from foreign companies.

The revenues from managing assets of the Fund for January-September 2013 amounted to 311.2 mln. manats.

As per 2013 budget of the Fund, 8 339.9 mln. manats were transferred to the state budget. The expenditures in the amount of 249.3 mln. manats were directed to financing the improvement of social condition of refugees and internally displaced persons, 106.4 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 10.9 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 12.4 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". The Fund's administrative and operational expenses for the repoting period were 27.8 mln. manats.

The Fund's extra-budgetary expenditures related to the revaluation of foreign exchange totalled 38.7 million manats.

The assets of SOFAZ as of October 1, 2013 has grown by 4.9% compared to the beginning of 2013 (USD 34 129.4 mln.) and stood at USD 35 809.2 mln.

Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of purchased gold as of October 1, 2013 was 26 tons 442 kg (850 146 ounces).