BAKU, Azerbaijan, January 28. The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) increased by 7.1 percent as of December 31, 2024, compared to the beginning of 2024 ($56.06 million), and amounted to $60.03 million, Trend reports via SOFAZ.
According to the information, the budget revenues of SOFAZ for the period from January through December 2024 amounted to 18.03 million manat ($10.6 million), while budget expenditures amounted to 12.8 million manat ($7.5 million).
Furthermore, it was noted that for the period from January through December 2024, SOFAZ's revenues from the implementation of oil and gas agreements amounted to 12.2 million manat ($7.1 million), including profitable oil and gas sales - 11.4 million manat ($6.7 million), bonus payments - 778.2 million manat ($457.4 million), transit revenues - 500,000 manat ($294,000), and post-acre payments - 3.6 million manat ($2.1 million).
Investment income from management of the fund's assets amounted to 5.7 million manat ($3.3 million), and the yield on the investment portfolio - 6 percent.
During the reporting period, within the framework of the execution of the SOFAZ budget for 2024, the transfer to the state budget constituted 12.7 million manat ($7.4 million). A total of 34 million manat ($19.9 million) was allocated in the period from January through December 2024 to finance the State Program on Increasing International Competitiveness of Higher Education System of the Republic of Azerbaijan for 2019-2023, and 47.3 million manat ($27.8 million) was allocated to finance the State Program on Youth Education in Prestigious Higher Education Institutions of Foreign Countries in 2022-2028.
In the mentioned period, the expenses related to the management of SOFAZ totaled 34.1 million manat ($20.05 million).
Extra-budgetary revenues of SOFAZ, formed from the difference of exchange rate fluctuations, amounted to 1.5 million manat ($882,000) during this period.
The growth of assets in 2024 was formed by the revenues of SOFAZ from the management of funds, including extra-budgetary revenues.
