1 USD 1,7    1 EUR 2,0657    1 RUB 0,0229    1 TRY 0,2396    XAU 3074,7815    XAG 47,1186    XPT 2126,7170    XPD 4011,9320   
           
/ Currencies designations

 

 

İT Bridge Azerbaijan

şirkətinin İT ekspertlərinə facebook səhifəsi vasitəsilə suallarınızı təqdim edə bilərsiniz
 
Dr. Saida Karimova

Physiotherapy and rehabilitation specialist
more details
 













Oil and gas


SOFAZ announces results for first six months
26.07.2012

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 7 391.9 million manat in the first half of 2012 and expenses - 4 878.1 million manat, executive director of the Fund Shahmar Movsumov said at a press conference on the results of activity for the first six months.

He noted that most of the fund`s revenue - 95.9 per cent was provided through the sale of oil and gas. Income from implementation of oil contracts were at 7.0998 billion manat, including the sale of profitable oil and gas - 7091.4 million manat from transit payments - 3.8 million manat. During the reporting period, income from assets transferred by foreign investors amounted to 0.2 million manat. Some 292.1 million manat was obtained from the management of the Petroleum Fund in January-June. Bonus payments amounted to 1.6 million manat, and per acre payments - 2.8 million manat.

The structure of the Oil Fund expenditures includes 162.5 million manat which has been allocated for activities to improve the welfare of refugees and internally displaced persons, 67 million manat - to finance the project of reconstruction of the Samur-Absheron irrigation system. Transfers to the state budget amounted to 4592.3 million manat. Five million manat was spent for the training of Azerbaijani students abroad as part of the state programme for 2007-2015. In addition 37 million manat were directed to finance the construction of a new railway Baku-Tbilisi-Kars. The costs on managing the fund amounted to 14.3 million manat. Fund expenses from exchange rate differences amounted to 289.2 million manat.

SOFAZ assets increased by 9.6 per cent as of July 1, 2012 compared to the beginning of the year ($29.8 billion), amounting to 32,666 million. The fund began buying gold since the first quarter of 2012 and the amount of acquired gold was 6.847 tons (220,146 ounces) as of July 1. State Oil Fund was established in 1999 and at that time its assets amounted to $271 million. Based on SOFAZ`s regulations, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems. The main purpose of the fund is the accumulation of funds and placement of its assets abroad to minimize the negative impact on the economy, preventing a `Dutch syndrome` to ensure savings for future generations and maintain the current socio-economic standard in the country.

www.azertag.com


     



08.06.2020
Andrea Hagmann
Member of Supervisory Board of AccessBank Azerbaijan
20.06.2019
Takhmasib Dadashev
Writer, Associate Professor of the Moscow Institute of Physics and Technology (Russia), the author of over 40 research articles and six books on innovative technologies, facial recognition and programming.
20.02.2018
Diana Cazacu
Expert of consulting company "Advision Finance"
21.11.2016
Jahangir Ganizadeh
Director of the Project Division of "AtaTechnology"
 
24.09.2013
Damla Bayik
Sales & Marketing Director of "Aura Wellness Centre"
10.09.2013
Mehmet Ayan
Food & Beverage Manager of "Green House"


Company
About
Partners
Support
Products
Business catalog
Interview
Expert
Rating
Payment