SOFAZ says its forex reserves at AT $35.8 bln as of end of 2017

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-December, 2017 reached 12 137.5 million manats, while budget expenditures constituted 11 015.5 million manats.

Revenue of 11 053.9 mln. manats was received from implementation of oil and gas agreements, including 11 030.0 mln. manats from the sale of profit oil and gas, 2.4 mln. manats as bonus payments, 3.6 mln. manats as acreage payments and 17.9 mln. manats as transit payments.

The revenues from managing assets of the Fund for January-December 2017 amounted to 1 083.6 mln. manats.

The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 876.2 mln. manats.

As per 2017 budget of the Fund, 6 100.0 mln. manats were transferred to the state budget. The expenditures in the amount of 105.0 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 70.0 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 20.5 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 17.0 mln. manats were directed to financing "The state program on the education of Azerbaijani youth abroad in the years 2007-2015". 3 949.5 mln. manats were transferred to Central Bank of the Republic of Azerbaijan for preserving macroeconomic stability and 735.4 million manats for financing of the share of the Republic of Azerbaijan in the construction of "STAR” Oil Refinery Complex. The Fund's administrative and operational expenses for the reporting period were 18.1 mln. manats.