Azerbaijani Oil Fund SOFAZ Says Assets Rose 12% in Year to July 1
Azerbaijan’s state oil fund SOFAZ said on Friday its assets rose 11.6% to $42.46 billion in the year to July 1, boosted by oil and gas sales and returns on investments. Its holdings stood at $38.04 billion a year earlier and $38.52 billion at the start of 2019.
The fund manages the ex-Soviet country’s proceeds from oil contracts, oil and gas sales, transit fees and other revenues.
Its revenues reached 10.698 billion manats ($6.293 billion) by July 1, while expenditures stood at 4.499 billion manats.
Oil and gas agreements generated 8.557 billion manats in revenue, including 7.781 billion manats from oil and gas sales, 766 million manats in bonus payments, 8.9 million manats in transit fees and 1.1 million manats from acreage fees.
The fund’s extra-budgetary expenditures related to the revaluation of foreign exchange totaled 513.1 million manats.
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