IN RUSSIAN

Azerbaijan State Oil Fund to invest in Russia

23 July 2012 - 6:38pm

The revenues of the SOFAR in the first half of 2012 amounted to 7.3919 billion manats, with expenditure at 4.8781 billion manats, the executive director of the Fund, Shakhmar Movsumov, said at a press conference devoted to the results of work in the first half of the year. According to him, the majority of the income to the Fund, 95.9%, are revenues from oil and gas exports. Revenues from oil contracts are at the level of 7.0998 billion manats and from transit payments – 3.8 billion manats.

SOFAR spent 162.5 billion manats on arrangements directed at improvement of social conditions of refugees and forced settlers. 67 million manats were spent on the project of reconstruction of the Samur-Absheron Melioration System.

Transfers to the state budget amounted to 4.5923 billion manats. 5 million manats were spent on education of Azerbaijani students abroad within the state program for 2007-2015. Moreover, 37 million manats were allocated for the project of construction of the new Baku-Tbilisi-Kars railroad.

14.3 million manats were spent on the Fund’s management.

SOFAR's active assets had increased 9.6% by July 1, 2012, in comparison with the beginning of the year and amounted to $32.666 billion.

SOFAR is considering real estate facilities in countries of Europe and South-East Asia for investment, Movsumov said. “For instance, the Fund is considering real estate facilities in London, Paris, Rome, Moscow and Istanbul, as well as in Singapore, Malaysia and Indonesia,” the head of the Fund said.

SOFAR plans to invest in capital stock in September 2012.

Read also

May 26 2015 - 19:06
Baku has held an Azerbaijani-Russian business forum organized within the framework of Astrakhan Vice Governor Constantine Markelov's visit to the capital of Azerbaijan, abc.az reports.About 40 businessmen attended the forum organized by AZPROMO and the Ministry of Economy and Industry.Azerbaijan has about 600 companies with Russian capital. The trade turnover between Azerbaijan and Russia totaled $2 billion in 2014. The turnover grew by 11% in January-April 2015.
May 25 2015 - 16:42
Azerbaijan and the Food and Agriculture Organization (FAO) of the UN have signed an agreement “On creating the office for coordination and cooperation and providing technical assistance” and FAO-Azerbaijan partner program in Baku today.The documents were signed by the Minister of Agriculture of Azerbaijan, Heydar Asadov, and FAO Director General Jose Graziano da Silva.
May 25 2015 - 14:23
The Russian-Azerbaijani strategic partnership is based on historical traditions of friendship and mutual respect, the Minister of Foreign Affairs of Russia, Sergey Lavrov, said during a press conference following negotiations with his Azerbaijani counterpart Elmar Mammadyarov, a correspondent of Vestnik Kavkaza reports.
May 25 2015 - 12:30
The EU is resuming talks with Azerbaijan on aviation agreement, the press service of the European Union in Brussels said.
May 25 2015 - 09:38
The foreign ministers of Russia and Azerbaijan, Sergei Lavrov and Elmar Mammadyarov, will hold talks in Moscow. During the upcoming meeting they will discuss bilateral relations as well as settlement of the conflict in Nagorno-Karabakh. 
May 23 2015 - 13:48
At a meeting of the General Assembly and the Board of Directors of the International Fund for Cooperation and Partnership of the Black Sea and Caspian Sea (BSCSIF), Azerbaijani Foreign Minister Elmar Mammadyarov  said that a relationship of alignment with the EU on a bilateral basis is the most convenient format for Azerbaijan.
May 22 2015 - 15:10
Russian Deputy Foreign Minister Grigory Karasin said in an interview with the Volga daily that Russia intends to agree on a draft Convention on the legal status of the Caspian Sea at the Astana Summit in 2016. 
May 21 2015 - 13:55
The EU respects the right of each member state of the Eastern Partnership program to seek its own way of development, while maintaining cooperation with the EU, German Chancellor Angela Merkel said.

Archive