OREANDA-NEWS. October 31, 2011. The State Oil Fund of Azerbaijan (SOFAZ) has summed up the results of the first 9 months of the year.

The Fund reports that since early 2011 its assets have grown by 41.6% up to USD 32.2 bn. Over the reported period SOFAZ budget profitable part totaled AZN 11.8 bn and expenditure part AZN 4.366 bn.

SOFAZ revenues from oil and gas agreements amounted to AZN 11.668 bn, including from sale of profit oil and gas AZN 11.476 bn, price difference on Shah Deniz Project 1 AZN 101.7 million, BTC Co dividends AZN 66.8 million, transit fees AZN 5.5 million, acre payments AZN 1.2 million, bonuses AZN 15.7 million, transfer of assets of foreign investors AZN 1.2 million.

Revenues from SOFAZ assets management totaled AZN 162.9 million.

Since early 2011 the SOFAZ has transferred AZN 4.02 bn to the State Budget. The SOFAZ directed AZN 89.2 million for improvement of life conditions of refugees and IDPs, AZN 144.5 million for reconstruction of Samur-Absheron irrigation system, AZN 10.5 million for the project of Oguz-Gabala-Baku water pipeline.

The SOFAZ also allocated AZN 5.9 million for the State Program of Youth Education Abroad 2007-2015 and AZN 85.5 million for the project of Baku-Tbilisi-Kars railway construction. The SOFAZ management costs for the first 9 months of 2011 totaled AZN 10.1 million.

Fund’s off-budget expenditures related to foreign exchange difference amounted to AZN 258.8 million.