OREANDA-NEWS.  February 08, 2012. The State Oil Fund of Azerbaijan (SOFAZ) has summarized the results of 2011.

The Fund informs that its assets for 2011 reached USD 29.8 bn that is by 30.9% more than in early 2011 (USD 22.766 bn). SOFAZ revenue amounted to AZN 15.628 bn and expenditures AZN 9.606 bn.

"SOFAZ revenues from oil and gas agreements totaled AZN 15.45 bn, including from sale of profit oil and gas AZN 15.257 bn, the price difference on Shah Deniz Project I AZN 101.7 million, dividends on project Baku-Tbilisi-Ceyhan AZN 66.8 million, transit payment AZN 7.5 million, acre payments AZN 1.3 million, bonuses AZN 15.7 million, transfer of assets by foreign investors AZN 1.4 million. Income from SOFAZ finances management amounted to AZN 176.4 million,” the Fund informed.

As per 2011 budget of the Fund, AZN 9 000.0 million were transferred to the state budget. The expenditures in the amount of AZN 140.0 million were directed to financing of settlement of the problems of refugees and internally displaced persons, AZN 200.0 million and AZN 32.6 million were accordingly used for financing the reconstruction of the Samur-Absheron irrigation system and financing construction of the Oghuz-Gabala-Baku water supply system, AZN 15.0 million to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015" and AZN 161.9 million were directed to financing Baku-Tbilisi-Kars railway. The Fund’s administrative and operational expenses in this period were AZN 57.1 million.

The Fund’s extra-budgetary expenditures related to the revaluation of foreign exchange totaled AZN 749.8 million.