Baku: Nijat Mustafayev ; Economics. Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2012 reached 7 391.9 million manats, while budget expenditures constituted 4 878.1 mln. manats.
Revenue of 7 099.8 mln. manats was received from implementation of oil and gas agreements, including 7 091.4 mln. manats from the sale of profit oil and gas, 3.8 mln. manats as transit payments, 1.6 mln. manats as bonus payments, 2.8 mln. manats as acreage fees and 0.2 mln. manats from sale of assets received from foreign companies.
The revenues from managing assets of the Fund for the January-June 2012 amounted to 292.1 mln. manats.
As per 2012 budget of the Fund, 4 592.3 mln. manats were transferred to the state budget. The expenditures in the amount of 162.5 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 67.0 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system.
37.0 mln. manats were directed to financing Baku-Tbilisi-Kars railway and 5.0 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 in this period were 14.3 mln. manats.
The Fund’s extra-budgetary expenditures related to the revaluation of foreign exchange totaled 289.2 mln. manats.
The assets of SOFAZ as at July 1, 2012 has grown by 9.6 % compared to the beginning of 2012 (USD 29 800.0 mln.) and stood at USD 32 666.0 mln.
Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of gold as at July 1, 2012 was 6 tons 847 kg (220 146 ounces).