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Celebrating its 20th anniversary this year, the assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), established as a result of the foresighted decision of the national leader Heydar Aliyev, have increased to over USD 40 billion for the first time in its history. The growth of SOFAZ's assets demonstrates the successful implementation of a policy aimed at achieving a sustainable long-term economic growth, through significant socio-economic reforms pursued by President Ilham Aliyev.
Budget revenues of SOFAZ for the period of January-March, 2019 reached 5 960.7 million manats, while budget expenditures 2 640.7 million manats.
Revenue of 4 605.0 mln. manats was received from implementation of oil and gas agreements, including 3 833.5 mln. manats from the sale of profit oil and gas, 766.4 mln. manats as bonus payments and 5.1 mln. manats as transit payments.
The revenues from managing SOFAZ’s assets for January-March 2019 amounted to 1 355.7 mln. manats.
As per 2019 budget of the Fund, 2 615.0 mln. manats were transferred to the state budget. The expenditures in the amount of 19.7 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons. SOFAZ’s administrative and operational expenses for the reporting period were 6.0 mln. manats.
SOFAZ's extra-budgetary expenditures related to the revaluation of foreign exchange totaled 332.0 mln. manats.
The assets of SOFAZ as of March 31, 2019 have increased by 4.56% compared to the beginning of 2019 (USD 38 515.2 mln.) and stood at USD 40 273.3 mln. The increase was mainly due to SOFAZ budget revenues and asset management activity.