BAKU, Azerbaijan, Oct. 27
By Zeyni Jafarov – Trend:
The revenues of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 6.6 billion manat ($3.88 billion) in the first nine months of 2020, Trend reports citing the SOFAZ.
According to the fund, SOFAZ's revenues for the reporting period related to the implementation of oil and gas agreements amounted to 6.2 billion manat ($3.64 billion), including revenues from oil and gas sales - 5.4 billion manat ($3.17 billion), bonus payments - 767.8 million manat ($451.6 billion) and transit revenues - 15 million manat ($8.82 billion).
From January through September 2020, revenues from the management of the fund amounted to 358 million manat ($210.5 million), and due to the difference in exchange rates, SOFAZ's extra-budgetary revenues made up 2.4 billion manat ($1.41 billion).
SOFAZ’s budget expenditures in the reporting period were estimated at 9.05 billion manat ($5.32 billion), including the costs associated with the management of SOFAZ - 14.9 million manat ($8.76 million).
Within budget execution, SOFAZ transferred 8.8 billion manat ($5.17 billion) to the state budget. Some 178.5 million manat ($105 million) was allocated for the implementation of measures to resettle and improve the social welfare of families of refugees and internally displaced persons (IDPs), and 400,000 manat ($235,294) was allocated to finance the ‘State program to increase the international competitiveness of the higher education system in Azerbaijan for 2019-2023’.
By the end of September 2020, the fund's assets declined by 0.08 percent compared to the beginning of 2020 and amounted to $43.3 billion. The reason for the decline in assets was the excess of SOFAZ’s budgetary revenues from budgetary expenditures amid the recession in the world economy following the consequences of the coronavirus (COVID-19) pandemic caused by the fall in oil prices.
(1 USD = 1.7 manat on Oct. 27)
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