SOFAR assets grow 11% in 9M
BAKU. Oct 22 (Interfax) - Assets held by State Oil Fund of the Azerbaijani Republic (SOFAR) increased 11.4% to $33.192 billion in Q1-Q3, a SOFAR statement says.
"The fund's income in January-September 2012 amounted to AZM 10.076 and expenditures to AZM 7.531 billion," the statement says.
The fund made AZM 9.626 billion on the sale of commercial Azerbaijani oil and gas, transit income of AZM 5.7 million, bonus payments of AZM 1.6 million, acreage fees of AZM 2.8 million, and receipts from assets transferred by foreign investors of AZM 0.2 million. Revenue from the management of SOFAR facilities amounted to AZM 440.4 million manat.
Of expenditures, the bulk went to transfers into the state budget - AZM 7.038 billion. Spending on improving the living conditions of displaced persons amounted to AZM 251.1 million, on the reconstruction of Samur-Absheron irrigation system to AZM 115.1 million, on the Baku-Tbilisi Kars railway construction project to AZM 97 million, on overhead for managing the Fund to AZM 21.1 million, and the rest went to other goals.
SOFAR extra-budgetary expenses associated with the revaluation of forex assets amounted to AZM 79.3 million.
The statement also says that SOFAR began to acquire gold in the first quarter of this year, and by October 1 had 10 tonnes 891 kilos. SOFAR accumulates revenue from the sale of oil contracts, especially government profit oil, transit tariffs for the transportation of oil and gas via Azerbaijan, from the lease of government property, and so on.
SOFAR presents a report on its revenue and spending once per quarter.
The official exchange rate for October 22: AZM 0.785/$1.
