SOFAZ sees up to 6% decline in assets – SOFAZ transferred AZN 2 bln to state budget in the first quarter

Baku: In the first quarter of 2015, budget revenues of the State Oil Fund of Azerbaijan stood at AZN 2,028,000,000, budget expenditures at AZN 2,335,600,000, said the SOFAZ Executive Director Shahmar Movsumov at the press conference.

According to him, Fund’s revenues from oil and gas contracts made AZN 1,938,600,000, as well as from sale of profit oil and gas stood at AZN 1,936,300,000 and transit revenue at AZN 2.6 mln.

Incomes from funds management were equal to AZN 89.1 mln.

Extra-budgetary revenues generated from exchange rate amounted to AZN 7,488,700,000.

In the reporting period, AZN 1,941,700,000 was transferred to the state budget within the fulfilment of SOFAZ 2015 budget. AZN 47.9 mln was allocated for measures on settling refugees and IDPS and improvement of welfare, AZN 25.1 mln for reconstruction of Samur-Absheron irrigation system, AZN 3.9 mln for funding of Baku-Tbilisi-Kars railway project, AZN 2.7 mln for “State Program on education of Azerbaijani youth abroad for the years of 2007-2015”, AZN 307.4 ml for the Southern Gas Corridor. Expenditures on Fund’s management made AZN 6.9 mln.

Compared to early 2015, the assets declined 5.86% to $34,930,500.

SOURCE: Azeri Press News Agency